Arabtec
From Taighde
Arabtec is a construction company based in Dubai.
Aabar Investments, a subsidiary of International Petroleum Investment Company (IPIC), wanted to purchase 70% of Arabtec shares by ways of convertible bonds before the deal was canceled in mid April. Arabtec would have sold $1.7 billion worth of bonds to Aabar and after a certain unknown amount of time, these bonds would turn into shares. While shares would be at a slight discount, this would have provided a needed boost to Arabtec and might allow them to access projects in Abu Dhabi. The bid was started in January 2010. The deal was expected to be completed in mid April 2010 but just days before, Aabar and Arabtec mutually agreed to cancel the deal. . It was originally set to be done in March but Aabar asked for an extension to complete due diligence.
