Abu Dhabi-based Aabar Energy (AABAR.AD) hopes to conclude the sale of its Pearl Energy exploration and production unit for $833.3 million to Mubadala Development Co. by late April, a top executive said Monday.
"We are currently in the process of working towards having an SPA (sale and purchase agreement) signed with Mubadala," Aabar's Chief Financial Officer Mohammed Badawy Al Husseiny told Zawya Dow Jones on the phone from Abu Dhabi.
"We hope to be in a position where it is finalized before we have our next annual general meeting," which will be held April 28, Al Husseiny said.
Shareholders of Aabar, an oil and gas company that has its shares listed on the Abu Dhabi stock market, earlier this month agreed to sell 100% of the company's shares in Pearl to Mubadala, an Abu Dhabi government investment firm.