Aabar to Sell $408 Million Convertible Bonds to IPIC

09.05.10

(Adds lodge changes in fourth paragraph.)

By Vivian Salama

May 9 (Bloomberg) -- Aabar Investments PJSC of Abu Dhabi, the largest shareholder in Daimler AG, said the house agreed to the sale of 1.5 billion dirhams ($410 million) of convertible bonds to Supranational Petroleum Investment Co..

The bonds will be issued at a conversion premium of 2.5 dirhams, it said in a report to the Abu Dhabi bourse today. The converted shares will be listed on the Abu Dhabi Securities Change.

Aabar said on April 30 it planned to transfer as much as 7.35 billion dirhams of convertible responsibility to IPIC for “community corporate purposes.” IPIC, the Abu Dhabi administration-owned energy investor, owns a 71 percent lash in Aabar after converting 6.68 billion dirhams of bonds in 2009. IPIC uses Aabar for its non-oil investments.

The scantling also approved the appointment of Mohamed Ali al Fahim as a gaffer, replacing David Forbes, according to the announcement.

Source: BusinessWeek

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