Abu Dhabi's IPIC lends unit Aabar $2 bln - document
DUBAI |
DUBAI Oct 18 (Reuters) - Abu Dhabi's International Petroleum Investment Co (IPIC) gave a 7.3 billion dirhams ($2.0 bln) interest-free loan to its unit Aabar in September, an updated prospectus for the state-owned fund's bond programme showed.
IPIC itself raised the funds as an unsecured conventional loan paying an interest rate over EIBOR, the prospectus showed.
Aabar bought Abu Dhabi Commercial Bank's 25 percent stake in Malaysian group RHB Capital earlier this year. Sources told Reuters this month that Aabar would get a $1.9 billion loan through its parent IPIC from ADCB to pay for the deal.
The prospectus also showed that Aabar has raised its stake in Virgin Galactic to 37.8 percent from 31.8 percent after investing a further $110 million in the company.
IPIC, which has a mandate to invest in the energy sector, made a profit of $1.16 billion for the six months to June 30. Its revenues in the same period totalled $8.63 billion. Total debt was $31.8 billion. ($1 = 3.673 UAE Dirhams) (Reporting by Rachna Uppal and Stanley Carvalho; Editing by Dinesh Nair)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints


Follow Reuters