(MENAFN) Abu Dhabi state fund Aabar Investments is searching to borrow USD 2.5bn from banks to refinance a loan coming due in April, according to sources.
Moreover, the loan will be supported by its parent firm, International Petroleum Investment Co. (IPIC), stated two sources without exposing the nature of support.
Aabar had borrowed loans in the past to build up its holdings around the turn of the decade, like IPIC's 2011 net profit was wiped out due to losses value USD 3.42bn.
In addition, it has kept a lower profile as it looks to repair its reputation within Abu Dhabi and organize its current commitments, and it manages a portfolio of investments.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.