Aldar raises capital by Dh24 million

(SUPPLIED)  

Aldar, one of the largest property developers in the UAE, has increased its capital by Dh24 million to fund huge growth in its business.

In a statement on Sunday, the Abu Dhabi-based company said it boosted capital from Dh2.320 billion to Dh2.344bn.

The firm said the capital was raised through the conversion of sukuk that the company had agreed to covert into shares.

“As per the sukuk prospectus, the conversion of these shares should be completed before the end of 20 business days from the date of receiving conversion applications, which was on February 20, 2008,” the company said in a statement published online by the Abu Dhabi Securities Market. “Accordingly the listing should be done by March 18, taking in consideration the foreigners’ ownership percentage.”

The new capital is divided into 2.344 billion shares with a nominal value of Dh1 per share, the company said, adding it had notified the Ministry of Economy and the Emirates Securities and Commodities Authority.

In another statement, Aldar announced the completion of the first phase of the Al Mamoura office complex. It said the complex would house international and regional companies, including the headquarters of Mubadala Development Company and the Environment Agency – Abu Dhabi.

“This is Aldar’s first completed office development, and will be the first in Abu Dhabi to be designed and finished to international Grade A standards,” it said.

“Boasting an impressive Arabesque style atrium, the building will provide a rich, high-quality working environment for its users who will benefit from a range of amenities including a 150-seat auditorium, café and multi-storey car park. Tenants will also benefit from the latest modern building technology and security systems and the development will be managed by Aldar’s facilities management business on a 24-hour basis.”

The property is located on Muroor Road in Abu Dhabi. Construction continues on the project’s second building at the development site, which will see tenants occupying the building in early 2009. The complex will provide much needed high-quality modern office space in the capital, Aldar said.