Aldar Properties, the UAE's third-largest property developer by market value, says it is set to allow non-UAE nationals to own up to 40% of its shares.In a statement posted on the Abu Dhabi bourse website on Friday, Aldar said its board was expected to approve a general assembly resolution to raise the permitted percentage of foreign ownership. It did not give a date. Aldar is seeking to raise more than $1.3 billion from a convertible Islamic bond sale open to international investors.
The firm has the option of increasing the size of the issue to $1.5 billion, according to terms of the sale. Shareholders have approved plans to raise as much as $3.5 billion.Aldar needs to finance projects worth about $50 billion in Abu Dhabi in the next five to 10 years, the company's chief executive has said. Continue to the full story from Source.
The firm has the option of increasing the size of the issue to $1.5 billion, according to terms of the sale. Shareholders have approved plans to raise as much as $3.5 billion.Aldar needs to finance projects worth about $50 billion in Abu Dhabi in the next five to 10 years, the company's chief executive has said. Continue to the full story from Source.
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