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Arabtec agreed for Aabar to acquire 70% of it’s shares

2010-01-10
Abu Dhabi and Dubai‐ 9 January 2010 ‐ Abu Dhabi’s Aabar Investments PJSC ("Aabar") and Dubai’s Arabtec Holdings PJSC (“Arabtec”)have agreed for Aabar to acquire 70% of theshares (post‐conversion) in Arabtec Holdings PJSC (“Arabtec”) by way of a convertible mandatory bond for a fixed purchase price of 2.3dhs per share, accordingly, the share capital will be increased from 1.196,000,000to 3,986,666,667 AED(representing conversion of the mandatory bond so that Aabar investments PJSC will own 2,790,666,667 shares or 70% of Arabtec Holding PJSC total shares after conversion of the bond) for a total investment consideration of AED 6,418,533,333. Formal discussions between the two parties commenced the 4th of January, 2010, culminating in an agreed position on Thursday the 7th of January. Closing of the transaction is only subject to completion of legal diligence .