‘The measures are focused on addressing current market conditions and on boosting the company’s capital structure,’ a spokesperson says
Gulf News Report
Published: 19:24 January 13, 2011
Dubai: Abu Dhabi’s biggest developer, Aldar Properties PJSC on Thursday announced a series of steps, including a Dh10.5 billion asset sale impairment “designed to solidify the company’s position for long-term, sustainable growth”.
“The measures are focused on addressing current market conditions and on boosting the company’s capital structure,” a spokesperson said.
“These include the recognition of an approximately Dh10.5 billion ($2.86 billion) impairment charge relating to the value of assets; reimbursement and sales totalling Dh10.9 billion ($2.97 billion) for the transfer of certain infrastructure assets on Yas Island, including the recently opened Ferrari World Abu Dhabi theme park, roads, bridges, marine infrastructure, and land.
This deal is consistent with an element of Aldar’s business model under which the company has supported the long-term objectives of Abu Dhabi by building and developing strategic assets and transferring them to the government upon completion; placement of a convertible bond worth Dh2.8 billion ($760 million) with Mubadala Development Company.
The issuance of the bond is subject to shareholder approval at an upcoming Extraordinary General Meeting; and, sale of residential units and land for Dh5.5 billion ($1.49 billion) to the Government of Abu Dhabi.
“The financial framework approved by the Board on Thursday, including the convertible bond issue, will strengthen our capital structure and provide us with a stable and sustainable platform from which we can continue to capture commercial opportunities to deliver value to shareholders,” said Ahmed Al Sayegh, Chairman of Aldar.
“The impairment recognition reflects the adverse conditions that have affected the real estate market, but is an important step in allowing Aldar to achieve long-term sustainable growth.”
Moving forward, Aldar will build on the experience gained as a strategic developer for Abu Dhabi and focus on the creation, ownership and operation of quality residential, commercial, retail, leisure and hospitality, and educational establishments. It will continue to adopt a measured approach to development, adapting to prevailing market conditions.
Aldar’s diverse portfolio includes commercial developments such as Central Market, Al Raha Beach, Yas Island (including Yas Mall and Yas Hotel), HQ, and Al Bateen Park, and government projects such as the Al Falah Emirati housing project. In addition, the company continues to deliver major infrastructure works, as well as significant projects on
behalf of Abu Dhabi companies such as Mubadala. gulfnews : Aldar announces Dh10.5 billion asset sale
الله يبشرك بالخير يا بنت الامارات وان شاء الله يكون قريب لانه اعصابنا تعبت
Aldar announces Dh10.5 billion asset sale
‘The measures are focused on addressing current market conditions and on boosting the company’s capital structure,’ a spokesperson says
Dubai: Abu Dhabi’s biggest developer, Aldar Properties PJSC on Thursday announced a series of steps, including a Dh10.5 billion asset sale impairment “designed to solidify the company’s position for long-term, sustainable growth”.
“The measures are focused on addressing current market conditions and on boosting the company’s capital structure,” a spokesperson said.
“These include the recognition of an approximately Dh10.5 billion ($2.86 billion) impairment charge relating to the value of assets; reimbursement and sales totalling Dh10.9 billion ($2.97 billion) for the transfer of certain infrastructure assets on Yas Island, including the recently opened Ferrari World Abu Dhabi theme park, roads, bridges, marine infrastructure, and land.
This deal is consistent with an element of Aldar’s business model under which the company has supported the long-term objectives of Abu Dhabi by building and developing strategic assets and transferring them to the government upon completion; placement of a convertible bond worth Dh2.8 billion ($760 million) with Mubadala Development Company.
The issuance of the bond is subject to shareholder approval at an upcoming Extraordinary General Meeting; and, sale of residential units and land for Dh5.5 billion ($1.49 billion) to the Government of Abu Dhabi.
“The financial framework approved by the Board on Thursday, including the convertible bond issue, will strengthen our capital structure and provide us with a stable and sustainable platform from which we can continue to capture commercial opportunities to deliver value to shareholders,” said Ahmed Al Sayegh, Chairman of Aldar.
“The impairment recognition reflects the adverse conditions that have affected the real estate market, but is an important step in allowing Aldar to achieve long-term sustainable growth.”
Moving forward, Aldar will build on the experience gained as a strategic developer for Abu Dhabi and focus on the creation, ownership and operation of quality residential, commercial, retail, leisure and hospitality, and educational establishments. It will continue to adopt a measured approach to development, adapting to prevailing market conditions.
Aldar’s diverse portfolio includes commercial developments such as Central Market, Al Raha Beach, Yas Island (including Yas Mall and Yas Hotel), HQ, and Al Bateen Park, and government projects such as the Al Falah Emirati housing project. In addition, the company continues to deliver major infrastructure works, as well as significant projects on
behalf of Abu Dhabi companies such as Mubadala.
gulfnews : Aldar announces Dh10.5 billion asset sale
الله يبشرك بالخير يا بنت الامارات وان شاء الله يكون قريب لانه اعصابنا تعبت
حكومة أبوظبي توافق على شراء بعض من أصول شركة الدار العقارية
بالتوفيق ان شاء الله
الله يسلمك اذا في خبر حلو عن دبي ارجوا ان لا تبخلي على اخوانك …مع الشكر