Thursday, Apr 12, 2012
--Mubadala takes a long-term perspective on Carlyle
--Carlyle IPO great move toward realizing Mubadala investment, COO says
By Asa Fitch
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Mubadala Development Co. remains a supportive and committed shareholder of the Carlyle Group as the U.S.-based private equity firm prepares for an initial public offering this year, a senior executive at the Abu Dhabi government-owned investment firm said Thursday.
"We take a long-term perspective on Carlyle and we think this is a great move toward realizing our investment," Waleed Al Muhairi, Mubadala's chief operating officer, told reporters in a conference call.
Mubadala owns a 7.5% stake in the Carlyle Group, according to Zawya.com.
Carlyle earlier this month filed documents to the U.S. Securities and Exchange Commission to sell a 10% stake. A person familiar with the matter said Wednesday the company's road show will start as early as next week for the IPO that will value the private-equity firm at between $7.5 billion and $8 billion.
Mubadala on Thursday reported a loss of 3.2 billion U.A.E. dirhams ($872 million) for full-year 2011, compared with a profit of AED1.2 billion a year earlier, mainly due to a fall in the fair value of its financial investments.
The investment firm, which is a central cog in Abu Dhabi's attempt to diversify its economy away from oil, also owns shares of U.S. conglomerate General Electric and semiconductor giant Advanced Micro Devices.
In addition to owning stakes in foreign companies, Mubadala is behind some of Abu Dhabi's biggest domestic investments. These include Strata, a manufacturer of composite structures for the aerospace industry, and Emirates Aluminium.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
(Gregory Zuckerman and Alison Tudor contributed to this story.)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
12-04-12 1325GMT
