Aabar completes sale of Pearl Energy

Aabar Energy PJSC completed the sale of its wholly owned exploration and production subsidiary Pearl Energy Ltd. to Mubadala Development Co. PJSC.

May 22, 2008

By OGJ editors
HOUSTON, May 22 -- Aabar Energy PJSC completed the sale of its wholly owned exploration and production subsidiary Pearl Energy Ltd. to Mubadala Development Co. PJSC.

Under terms of the transaction, 100% of the issued shares in Pearl have been transferred to the Mubadala group for a debt-free, cash-adjusted value of about $833.3 million, subject to working capital adjustments.

The transaction was approved by Aabar shareholders at an extraordinary general meeting (EGM) on Mar. 9 and by Sukuk certificate holders at another EGM on Apr. 9.