Economics
Aldar Converts Mubadala-Held Bonds at Low End of Price Range
This article is for subscribers only.
Aldar Properties PJSC will convert bonds into shares at the lower end of their price range as Abu Dhabi’s biggest real-estate company grapples with tumbling property prices and declining market value. The shares dropped.
Aldar will today convert 2.1 billion dirhams worth of bonds held by Mubadala Development Co., an investor with stakes in Carlyle Group and General Electric Co., into shares of 1.75 dirhams each, the company said in a statement to the Abu Dhabi bourse today. The original conversion terms stipulated that the bonds would be converted at not higher than 2.30 dirhams and not lower than 1.75 dirhams.