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UAE’s Alpha Dhabi unit buys $953 mln stake in Aldar from Mubadala

Abu Dhabi’s Mubadala is considering issuing a new bond when $1.25 billion issue matures in May. (File photo: Reuters)
Abu Dhabi’s Mubadala. (File photo: Reuters)

UAE’s Alpha Dhabi unit buys $953 mln stake in Aldar from Mubadala

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Reuters, Dubai

Published: Updated:

Abu Dhabi state fund Mubadala has sold a 3.5 billion dirhams ($953 million) stake in property developer Aldar to a subsidiary of investment firm Alpha Dhabi Holding, the fund said in a statement on Wednesday.

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The subsidiary, Sublime Commercial Investment, acquired a 12.21 percent strategic stake in Aldar, the statement said. Mubadala will remain Aldar’s largest shareholder at 25 percent, it said.

The transaction involved 960 million shares in a block trade and was carried out by local brokerage firms International Securities and ADCB Securities, the statement said.

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