The International Petroleum Investment Company (IPIC) is offering to buy out the minority shareholders of Aabar Investments for Dh1.45 a share as part of a plan to take full control of the company and delist it from the Abu Dhabi Securities Exchange (ADX).
The offer will begin today and continue to August 1, Aabar said in a statement posted on the ADX website today.
The offer is the same as Aabar's closing price yesterday, although it is about 12 per cent lower than it was on the day the company announced plans to delist.
More than 70 per cent of Aabar shares are held by IPIC. If all remaining shareholders accept the buyout terms, IPIC will own 100 per cent of Aabar.
Since IPIC took a controlling stake in Aabar through a Dh1.5 billion (US$408.4 million) bond that converted into shares at the start of last year, the investment company has made a series of high-profile investments.
Aabar, which until IPIC's involvement was a small holding company with interests in oil exploration and drilling, last year bought 9.1 per cent of the German car maker Daimler.
It has also bought 32 per cent of Virgin Galactic, Sir Richard Branson's commercial space flight venture, and major stakes in struggling European financial companies,
In today's statement, Aabar also asked to delay until August 8 an ad hoc meeting at which shareholders are to vote on the plan to go private. The meeting was previously scheduled for July 26.
The payment to minority shareholders will be made at a specified date agreed to by IPIC and the exchange's regulator, the Emirates Securities and Commodities Authority. Aabar also said IPIC would not buy shares purchased with loans.
Those who choose to continue to hold their shares will bear the risks associated with the transformation of the company into a private firm, the statement said.
Aabar had said in an earlier statement that such investors could later sell shares to other investors, but not on a stock exchange.
@Email:halsayegh@thenational.ae
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Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Killing of Qassem Suleimani
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
UAE currency: the story behind the money in your pockets
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
