Bloomberg News

Abu Dhabi’s IPIC Said to Get $1.9 Billion-Loan for Acquisition

October 03, 2011

Oct. 3 (Bloomberg) -- International Petroleum Investment Co., an Abu Dhabi government-controlled investor, borrowed $1.9 billion from Abu Dhabi Commercial Bank PJSC, two bankers familiar with the transaction said.

IPIC, as the company is known, will use the money to fund the acquisition by subsidiary Aabar Investments PJSC of a 24.9 percent stake in Malaysian lender RHB Capital Bhd, the bankers said, declining to be identified because the information is private. Aabar announced the purchase of the RHB stake from ADCB for 5.9 billion ringgit ($1.9 billion) in June.

State-controlled ADCB “declines to make any statement on loans extended to our customers,” the bank said in an e-mailed response to questions from Bloomberg News. “Appropriate disclosure regarding all loans and advances can be found in our balance sheet.” Reuters reported the story earlier today.

IPIC and Aabar didn’t respond to e-mails seeking comment.

--With assistance from Vivian Salama in Abu Dhabi. Editors: Claudia Maedler, Inal Ersan

To contact the reporter on this story: Arif Sharif in Dubai at

To contact the editor responsible for this story: Claudia Maedler at

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