Abu Dhabi real estate developer Aldar Properties says it's considering selling off assets and issuing convertible bonds as it scrambles to raise cash. The company disclosed the plans in a regulatory filing to the Abu Dhabi stock exchange Tuesday. It says its board will meet this week to discuss the proposals in preparation for a possible shareholder vote.
Aldar says the board will also discuss converting bonds issued earlier to state investment firm Mubadala into shares. Government-linked Aldar amassed large debts as it grew into one of the Emirati capital's most active developers. It said in November it was talking with the government about its cash needs.
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