The supreme shareholder in Daimler AG, Aabar Investments PJSC of Abu Dhabi, said that the board has approved to the sale of 1.5 billion dirham ($410 million) of convertible bonds to International Petroleum Investment Co. (IPIC).

At a conversion price of 2.5 dirham will the bonds be issued, and the Abu Dhabi Securities Exchange will roll down all these converted shares.

The Khaleej Times reported that construction giant Arabtec has put off its plan to sell a controlling stake worth US$1.7 billion to Aabar Investments of Abu Dhabi.

It is reported that UAE's largest construction firm, which apparently had a liability worth $680 million owed by developers, stated that it was calling off the move that would have given the Abu Dhabi's state-run fund a 70 per cent stake.

The due diligence date for $1.7-billion merger of Dubai based Arabtec with Abu Dhabi-based Aabar Investments had been extended to April 16. The proposed stake sale would be discussed at the meeting of the Arabtec's board of directors besides reviewing the financial results of the company.

Aabar Investments, the largest shareholder in Germany's Daimler, declared a net profit of 132.4 million UAE dirhams ($36.1 million) in the fourth quarter, an increase of 15% against AED115.2 million during the same period, last year.

For the full year, 2009, the profit peaked to AED1.7 billion, against AED721.6 million in the previous year, where as the earnings per share were AED0.63, against AED0.80 for 2008.

Monday saw United Arab Emirates' Aabar Investments PJSC saying that it has signed a deal with Algeria and five German companies, including MAN Ferrostaal AG and Daimler AG, to make all-terrain vehicles and trucks in North Africa.

MAN Ferrostaal said in a separate statement that finally the agreement will produce a joint-venture company between Aabar and MAN Ferrostaal to manage the plants in Algeria.

Abu Dhabi's Aabar Investments is entering in a joint venture with Austria's Berndorf for investments in technology firms and real estate in Europe.

This new firm, ABAG Aktiengesellschaft, shall have its base in Austria. Aabar shall own two thirds, where as Berndorf shall own one third of the new firm.

Aabar is controlled by the International Petroleum Investment Company (IPIC), a company owned by Government of the Emirate of Abu Dhabi, through which the government invests earnings from the oil.