The board of directors of Aabar Investments has recommended to seek shareholders’ approval for the issuance of convertible bonds of as much as $1.97 billion, Khaleej Times reported. The board of the Abu Dhabi-based firm recommended to set up an extra ordinary annual general meeting (EGM) of the shareholders on April 29 in order to get their consent for the bonds issuance at a conversion price of $0.68 per share, the company said in a regulatory filing. The board also recommend the issuance of 10 percent bonus shares. Last year, the Aabar announced the conversion of all mandatory convertible bonds acquired by the International Petroleum Investment Company (IPIC), issuing 2.228 billion new ordinary shares, nearly 71 percent of the enlarged share capital. The firm’s Chairman, Khadem Al Qubaisi, pointed out that Aabar has gained access to significant investment opportunities, with several of these investments have been made in some of the major companies and institutions of the business world.
