Abu Dhabi's Aabar Investments, the largest stakeholder in Daimler, called a July 26 shareholder meeting to discuss delisting the company to boost flexibility.
Aabar said its board decided on Thursday to seek regulatory approval for the extraordinary general assembly to convert the world's only listed sovereign wealth fund into a joint stock company and delist it from the Abu Dhabi bourse.
Aabar made investors nervous this week with plans to go private.
"The board of Aabar considers this step as essential in the life of the company to provide Aabar with greater operational flexibility required to ensure the ongoing success of the company's investment strategy ...," the statement said.
International Petroleum Investment Co (IPIC), wholly owned by the government of Abu Dhabi, is the majority shareholder in Aabar, which this week bought a 4.99 percent stake in UniCredit worth $2.5 billion, becoming the Italian bank's second-biggest shareholder.
Aabar, launched in 2005 as a small energy company, sold most of its energy assets shortly after formation. IPIC acquired a majority stake in Aabar, which soon emerged as one of the most active investment funds in the region.
The firm, with estimated assets of $10 billion, hit the headlines last year by picking up a 9.1 percent stake in Daimler for about $2.7 billion and a 32 percent stake worth $280 million in Virgin Group's space travel unit Galactic.
Aabar's IPO in 2005 was 800 times oversubscribed. (Reuters)For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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