Aabar sells Pearl to Mubadala
Posted: 28 April 2008
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Abu Dhabi listed Aabar Energy has finalised divestment arrangements of its wholly-owned exploration and production subsidiary Pearl Energy Limited to government-owned Mubadala Development Company.
Following the earlier invitation, Mubadala has bought 100% of the upstream unit Pearl Energy for about $833.3 million upon completion of the transaction, the company has announced.
According to the compaby, the debt free cash adjusted value is subject to working capital adjustments. Completion of the transaction is expected within the next 45 days.
The divestment of Pearl to Mubadala was approved by shareholders of Aabar at an Extraordinary General Meeting in March 2008 and by Sukuk certificate holders at a further EGM held on April 2008.
Singapore-headquartered Pearl holds participating interest in 21 contract areas in Indonesia , Thailand , the Philippines and Vietnam and had a net production of approximately 19,000 barrels of oil per day at the end of 2007. |
