Bonds will be issued to Abu Dhabi’s International Petroleum Investment Company
Abu Dhabi-based Aabar Investments has announced that it plans to issue up to $2bn of convertible bonds to International Petroleum Investment Company (Ipic) for internal use.
“The proceeds of the bonds will be used by the company for general corporate purposes,” Aabar said in a statement posted on the Abu Dhabi Securities Exchange (ADX) website on 1 April. “There is no set conversion date for the convertible bonds.”
In the same statement, Aabar said it was considering the issuance of convertible bonds worth up to AED7,346m at a recommended conversion price of AED2.5 per share.
The board of directors plans to finalise the bond issuance on 29 April. It is also currently mulling a $1.7bn takeover of Arabtec, one of the largest construction firms in the region (MEED 10:1:10).
Ipic is wholly-owned by the government of Abu Dhabi and holds a 71 per cent stake in Aabar, with the rest listed on the ADX.
You might also like...
Read the May 2026 MEED Business Review
30 April 2026
NMDC Group announces Q1 2026 results
30 April 2026
Kuwait fast-tracks award of oil sector repair contracts
30 April 2026
Dredging works complete at Marsa LNG project in Oman
30 April 2026
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
