Abu Dhabi's Aldar Properties (ALDR.AD: Quote) fell to a 23-month low on Thursday, extending losses since it unveiled a restructuring plan dilutive to shareholders and UAE markets remain weak as Aldar's precedent deters traders.
Aldar, which has made losses for four straight quarters, dropped 1.5 percent to 2 dirhams, its lowest finish since Feb. 4, 2009.
The developer's shares have fallen 12 percent since saying it would take $2.9 billion in impairments and issue a convertible bond to a government-owned investment vehicle. Abu Dhabi's government will also buy various assets from Aldar for $4.5 billion.
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