IPIC to buy out Aabar shares

The International Petroleum Investment Company (IPIC) is offering to buy out the minority shareholders of Aabar Investments for Dh1.45 a share as part of a plan to take full control of the company and delist it from the Abu Dhabi Securities Exchange (ADX). The offer will begin today and continue to August 1, Aabar said in a statement posted on the ADX website today. The offer is the same as Aabar's closing price yesterday, although it is about 12 per cent lower than it was on the day the company announced plans to delist.

More than 70 per cent of Aabar shares are held by IPIC. If all remaining shareholders accept the buyout terms, IPIC will own 100 per cent of Aabar. Since IPIC took a controlling stake in Aabar through a Dh1.5 billion (US$408.4 million) bond that converted into shares at the start of last year, the investment company has made a series of high-profile investments. Aabar, which until IPIC's involvement was a small holding company with interests in oil exploration and drilling, last year bought 9.1 per cent of the German car maker Daimler.

It has also bought 32 per cent of Virgin Galactic, Sir Richard Branson's commercial space flight venture, and major stakes in struggling European financial companies, In today's statement, Aabar also asked to delay until August 8 an ad hoc meeting at which shareholders are to vote on the plan to go private. The meeting was previously scheduled for July 26. The payment to minority shareholders will be made at a specified date agreed to by IPIC and the exchange's regulator, the Emirates Securities and Commodities Authority. Aabar also said IPIC would not buy shares purchased with loans.

Those who choose to continue to hold their shares will bear the risks associated with the transformation of the company into a private firm, the statement said. Aabar had said in an earlier statement that such investors could later sell shares to other investors, but not on a stock exchange. @Email:halsayegh@thenational.ae

Company%20profile

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The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

The story in numbers

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

THE DRAFT

The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.

Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan

Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe

Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi

Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath

Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh

Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh

Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar

Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

COMPANY%20PROFILE

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