x Abu Dhabi, UAESunday 23 July 2017

IPIC to re-enter the debt market

Company's bond prospectus shows it has $20.3bn of debt, against $14.6bn of equity, and liabilities of $33.5bn, against assets worth $48bn.

IPIC is re-entering the debt markets as worldwide appetite for bonds increases. The prospectus was issued in conjunction with the beginning of a roadshow to meet investors in Asia, Europe and the US.

The company has $20.3bn of debt, against $14.6bn of equity, documents show. IPIC also revealed liabilities of $33.5bn, against assets worth $48bn.

The company, owned by the Abu Dhabi Government, operates as a leveraged investment company that focuses largely on energy companies around the world, such as Borealis and Nova Chemicals. It also owns 86.2 per cent Aabar Investments, a company that focuses on alternative investments such as the space tourism company Virgin Galactic and the German car manufacturer Daimler.

IPIC also said it would focus on "integrating its recent investments into its existing portfolio in a manner that reduces costs, maximises efficiencies and enhances synergies across its investment portfolio" this year.

The bond prospectus also revealed IPIC was selling a 3.3 per cent stake in Atlantia, an Italian motorway operator, for 321 million euros. IPIC said it sold its entire 70 per cent stake in Hyundai Oilbank for $1.95bn after a ruling from a South Korean court.

bhope@thenational.ae