Aabar board revamped after Mubadala buyout
Posted: 27 May 2008
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Aabar Energy chief David Woodward has resigned as Chief Executive Officer and will join Mubadala’s oil and gas division as Chief Operating Officer.
The management change was announced following the completion of sale of upstream subsidiary Pearl Energy Limited by Mubadala Development Company.
The company has also announced the resignation of Chris Gibson-Robinson as Vice President Operations and Vice President New Business Development ( Southeast Asia), and Richard Lorentz has resigned as Vice President New Ventures & Corporate Relations.
Gibson-Robinson and Lorentz, two of the original founders of Pearl, will remain with Pearl for a period to assist with the transition into the Mubadala organisation after which they will step down to pursue other interests, the company said.
Stephen Giles has resigned as Vice President New Business Development ( North Africa and Middle East) while Mohamed Badawy Al-Husseiny will continue as Aabar’s Chief Financial Officer, the company said. Kelvin Tang will remain as Aabar’s General Counsel.
Part of the proceeds from the sale of Pearl will be applied towards the early redemption in full of Aabar’s sukuk certificates and the remainder will be used as funds towards new investment opportunities to be identified by the management and Board of Directors.
The sale of Pearl has generated an estimated profit in excess of $100 million. After the sukuk redemption, it is expected that Aabar’s balance sheet will consist of a total cash balance of approximately Dh 2.2 billion ($600 million), which translates into Dh 2.5 per share for the 900 million outstanding shares. |
