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.

On April 30, 7.35 billion dirham of convertible debt has been planned by Aabar, to sell to IPIC for “general corporate purposes.” The Abu Dhabi government-owned energy investor, IPIC is also in possession of 71% stake in Aabar after converting 6.68 billion dirham of bonds in 2009. Aabar is used by IPIC for its non-oil investments.

The appointment of Mohamed Ali al Fahim as a director has been approved by the board, replacing David Forbes.