x Abu Dhabi, UAEMonday 24 July 2017

Aldar considers selling assets

The Abu Dhabi developer's board is meeting Wednesday to discuss selling unspecified assets.

Aldar Properties, the Abu Dhabi developer of the capital's Formula One complex and Raha Beach, is considering selling off properties to raise capital.

The board of directors will meet Wednesday to consider “the sale... of certain assets,” the company announced in a statement posted on the Abu Dhabi Securities Exchange.

In January Aldar announced a funding plan under which the Abu Dhabi Government would buy Dh10.9 billion ($2.9bn) of the company’s infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and issued a Dh2.8bn convertible bond to Mubadala, a strategic investment company owned by the Abu Dhabi Government..

Last week Mubadala converted $2.1 billion of the bonds into shares to increase its stake in the company to 49 per cent, sending the company’s shares to record lows over concerns the developer would delist.

On Sunday the company issued a statement saying it remains committed to maintaining its listing on the Abu Dhabi exchange.

kbrass@thenational.ae