Aabar Investments minimized its holdings in the German car maker Daimler after the value of its investment saw a jump.
It is worthwhile mentioning that the Abu Dhabi based company injected €1.95 billion (Dh9.41bn) into Daimler at the height of the global financial crisis three years back, taking a 9 per cent stake.
From that moment onward, Daimler’s shares have more than doubled in terms of value as affluent buyers have snapped-up luxury models like Mercedes-Benz. Statistics wise, Mercedes’s global sales in the first quarter were up 11 per cent in comparison to the same period last year.
“Following up on our record sales last year, we are also off to a highly successful start in 2012,” pointed out Joachim Schmidt, the executive vice president at Mercedes and Daimler’s global head of sales and marketing.
Aabar’s stake was minimized to 3.1 per cent in the starting of the year, when it lent the shares to unidentified third parties.
“In February 2012, Aabar notified us that the number of Daimler shares it physically owned had decreased to approximately 32.7 million, equivalent to a shareholding of 3.07 per cent,” Daimler said in its yearly report.
If media reports are anything to go by, Aabar was considering a complete exit from the investment.
The scaling down of the stake comes after the Abu Dhabi Government has engaged in a wide ranging assets review and investments.
On an expected note, shares of Daimler dip by 2.7 per cent yesterday in Frankfurt to €40.885 each after reports surfaced that the Abu Dhabi company might be ready to sell its remaining shares. Aabar’s initial investment was made at a price of €20.27 per share.