CORRECTED-Mubadala hands part of Aldar stake to ADCB for loan

Thu Mar 29, 2012 1:33pm GMT
 

(Corrects third paragraph to show stake worth 700 mln dirhams not billions)

ABU DHABI, March 29 (Reuters) - Mubadala Development Co [MUDEV.UL] will transfer a 14-percent stake in Aldar Properties (ALDR.AD: Quote) to Abu Dhabi Commercial Bank (ADCB.AD: Quote) in return for a loan facility, the state-owned investment fund said on Thursday.

Mubadala, which owns 49 percent of the struggling developer after an Abu Dhabi government bailout, said the 571.9 million shares would revert back to it in April 2013 when the facility matures or earlier if repaid ahead of schedule.

It did not state the size of the facility. At Thursday's Aldar closing share price of 1.22 dirhams, the stake is worth nearly 700 million dirhams ($190.6 million).

Reuters reported in January that Abu Dhabi has held talks to offload all or part of a 49-percent government stake in struggling Aldar in an attempt to stop its falling asset value from dragging down Mubadala. [ID:nL5E8CV029] (Writing by Amran Abocar; Editing by Sitaraman Shankar)

 
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