Aabar shares spike 8.28% as higher buyout offer is possible

18 July 2010

Shares of Aabar Investments emerged as the top gainer on Sunday after The National reported that International Petroleum Investment Company (IPIC), a 70% shareholder of Aabar, was told by the UAE market regulator ESCA to raise its Dhs1.45 share takeover by 34.5% to Dhs1.95. Aabar, a 9.1% shareholder in German carmaker Daimler AG, plans to delist and become a privately owned company, depending on the outcome of an extraordinary general meeting scheduled for July 26. The news on Aabar failed to raise the general market mood as the ADX General Index added just 0.11%, closing at 2,526.44 points. Waha Capital shares extended its Friday advance by 1.75% to Dhs0.57, still reaping benefits after Standard and Poor's assigned on Friday its preliminary 'AA' long-term senior unsecured debt rating to the proposed bond to be issued by Waha Aerospace B.V, a Waha owned Dutch company.

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