Mubadala Development Co will transfer a 14-percent stake in Aldar Properties to Abu Dhabi Commercial Bank in return for a loan facility, the state-owned investment fund said on Thursday.
Mubadala, which owns 49 percent of the struggling developer after an Abu Dhabi government bailout, said the 571.9 million shares would revert back to it in April 2013 when the facility matures or earlier if repaid ahead of schedule. It did not state the size of the facility.
At Thursday's Aldar closing share price of 1.22 dirhams, the stake is worth 7 billion dirhams ($1.9 billion).
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