By Andrew White
Gov't-backed firm to become first local company to delist from Abu Dhabi bourse.
Abu Dhabi-based Aabar Investments, which holds significant stakes in Daimler, UniCredit and Virgin Galactic, has applied to delist from the Abu Dhabi Securities Exchange (ADSE) effective September 8.
Aabar, which went to market in November 2005, is converting to a private joint stock company. Its majority stakeholder is International Petroleum Investment Corporation (IPIC), wholly owned by the government of Abu Dhabi
At a shareholder meeting earlier this month, share capital for the new company was set at $1.10bn. Aabar will be the first local company to delist from the ADSE.
According to Reuters calculations, Aabar posted a second-quarter loss of $375.6m due to a surge in derivatives liabilities. However, the firm said earlier this month that it made a net profit of $55m for the first half of the year.