Kristy
09-18-2008, 12:30 PM
The board of directors of Abu Dhabi-based Aabar Petroleum yesterday elected Khadem Al Qubaisi as chairman of the company, replacing Abdulhamid Saeed, reported Khaleej Times. The selection of Al Qubaisi, who is managing director of the International Petroleum Investment Company (IPIC), is part of a deal struck earlier in the month under which IPIC invested Dhs6.68bn ($1.8bn) in Aabar Petroleum's mandatory convertible bond. The bond will be convertible into 2,228,000,000 new ordinary shares in the Company at a conversion price of Dhs3.00 per share.
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