Aabar announces management changes
21/05/2008 9:41 am EDT


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• David Woodward has resigned as Chief Executive Officer and will join Mubadala’s oil and gas division as Chief Operating Officer.

• Chris Gibson-Robinson has resigned as Vice President Operations and Vice President New Business Development (Southeast Asia), and Richard Lorentz has resigned as Vice President New Ventures & Corporate Relations.

Mr. Gibson-Robinson and Mr. Lorentz, two of the original founders of Pearl, will remain with Pearl for a period to assist with the transition into the Mubadala organisation after which they will step down to pursue other interests.

• Stephen Giles has resigned as Vice President New Business Development (North Africa and Middle East).

• Mohamed Badawy Al-Husseiny will continue as Aabar’s Chief Financial Officer.

• Kelvin Tang will remain as Aabar’s General Counsel.

Part of the proceeds from the sale of Pearl will be applied towards the early redemption in full of Aabar’s sukuk certificates and the remainder will be used as funds towards new investment opportunities to be identified by the management and Board of Directors.

The sale of Pearl has generated an estimated profit in excess of $100m.

After the sukuk redemption, it is expected that Aabar’s balance sheet will consist of a total cash balance of approximately Dhs2.2bn ($600m), which translates into Dhs2.5 per share for the 900 million outstanding shares.

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