Bloomberg News

Aldar Jumps Most in 2 Years After $4.57 Billion Asset-Sale Deal

December 29, 2011

Dec. 29 (Bloomberg) -- Aldar Properties PJSC jumped the most in more than two years after Abu Dhabi’s government agreed to buy assets valued at 16.8 billion dirhams ($4.57 billion).

The shares surged 9.5 percent, the biggest gain since Dec. 14, 2009, to 92 fils at the 2:00 p.m. close in Abu Dhabi. The benchmark ADX General Index rose 1.5 percent.

Abu Dhabi will purchase 760 homes in the Al Raha Beach development and retire 5 billion dirhams of debt related to infrastructure on Yas Island, Aldar said after the market closed yesterday. It will also buy 5.7 billion dirhams of assets in Central Market, a project in downtown Abu Dhabi, and finance the completion of the district’s redevelopment.

--Editors: Shaji Mathew, Shanthy Nambiar

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


Reviving Keynes
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus