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Mon 21 Jun 2010 03:31 PM

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Aabar mulls move to delist shares from Abu Dhabi bourse

Abu Dhabi investment vehicle says meeting on June 24 will discuss possible delisting.

Aabar mulls move to delist shares from Abu Dhabi bourse

Abu Dhabi investment vehicle Aabar said on Monday that it is considering a move to delist its shares from the Abu Dhabi Securities Market.

In a statement, Aabar Investment's CEO Mohamed Badawy Al Husseiny said a board meeting would be held on June 24 to discuss calling a shareholders' meeting and to consider "converting the company into a private joint stock company".

Earlier this month, the company said no resolutions had been adopted to consider refinancing opportunities for existing debt.

Last month, Aabar announced net profit of AED1.6bn ($430m) for the first quarter of 2010.

So far in 2010, Aabar has set up its real estate subsidiary company, Aabar Properties which will drive the development of the real estate investments made by Aabar.

Aabar also announced several investments including its partnership with US aviation company Xojet, Inc and a joint venture agreement with German tunnel-boring and drilling company, Herrenknecht AG.

Aabar invests in various sectors including energy, infrastructure, real estate, automotive and financial services companies.

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