Aabar: No near plans to buy more Daimler shares
12 Feb 2010
(MENAFN) Abu Dhabi’s Aabar Investments said that it has no plans to raise its 9 percent stake in German automaker Daimler in the near future, but would look into any rising opportunities, Reuters reported.
Aabar, the non-energy investment arm of the International Petroleum Investment Company (IPIC), is Daimler’s largest shareholder and has been advised to increase its stake, which was a key profit driver in 2009.
Aabar’s Chief Executive, Mohamed Al Husseiny, noted that the firm invested $2.9 billion in Daimler last March to overtake Kuwait as the premium automaker’s largest shareholder. He said that the investment has been extremely attractive and profitable for Aabar.
Moreover, Al Husseiny said that the firm does not see troubles in its planned acquisition of 70 percent of Dubai construction firm Arabtec.
It is worth mentioning that Aabar has been on the expansion trail since IPIC took control of the firm in 2008.