Indebted developer Aldar Properties has no plans to delist its shares from the stock market, the state-backed company said in response to questions from investors on Wednesday.
“No. Delisting of Aldar has not been proposed or suggested,” the company said in statement to the Abu Dhabi bourse.
Abu Dhabi offered a $5.2bn bailout to Aldar last week when it agreed to buy some key assets, including the developer’s Ferrari World theme park, and subscribe to a bond sale.
Aldar said it would raise $1.39bn in asset sales to the government and a further $2.97bn through sales and reimbursements for some of its prime assets.
However, Wednesday’s statement clarified that the Yas Hotel was not part of the sale.
“These assets consist of land and residential units located at Al Raha beach,” it said. “Yas Hotel… remains the property of Aldar. All asset sales were made at cost plus a margin.”
The developer, part-owned by the government, said it will issue AED2.8bn in convertible bonds to Mubadala Development Company, once shareholder approval has been secured.
The bonds will mature on or about 15 December 2011, and will carry a coupon of four percent per annum.
The conversion price of the 2008 bonds held by Mubadala is 11.73 dirhams per share, the developer added.
A further AED700m in debt may be issued within the next five years, but the company has no intention to issue the bonds in the short-term.
Aldar, Abu Dhabi’s largest developer by market value, this week said it expected to post a profit in 2011.
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