Aabar shares advance further

20 July 2010

Abu Dhabi's securities market ADDX added 0.36%, closing at 2,543.36 points. Shares of Aabar Investments jumped 9.88% to the level of Dhs1.89. Aabar sent out an invitation letter to its shareholders regarding an extraordinary general meeting in order to transform the investment firm, which is a 9.1% shareholder at Daimler AG, into a joint private stock company. International Petroleum Investment Company (IPIC), a 70% shareholder of Aabar, was told at the beginning of the week by the UAE market regulator SCA to raise its Dhs1.45 share takeover by 34.5% to Dhs1.95. The Sheikhdom's largest real estate firm Aldar Properties declined by three percent and finished at Dhs2.56. National Bank of Ras al-Khaima (RAKBank) ended unchanged at Dhs4.10. Rak Bank has reported a net profit of DHs468.3m for the six months ended 30th of June 2010, reflecting a 36.2% growth compared to the same period in 2009. Energy stock ended on a mixes note. Dana Gas advanced 2.78% to Dhs0.74, while shares of Abu Dhabi National Energy Co., dubbed Taqa, closed flat at Dhs1.14.

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