Ipic makes early repayment of Dh1.89b debt

Wednesday, May 02, 2012

Gulf News

Abu Dhabi: International Petroleum Investment Company (Ipic), a wholly owned company of the Abu Dhabi government, has made early repayment of Dh1.89 billion of existing debt by making prepayments of two of its outstanding facilities both of which were maturing in 2013.

Ipic continues to generate significant income from its investments and, following the prudent guidelines of its board of directors, has used part of its excess liquidity to retire a portion of its outstanding liabilities.

Ipic will continue to focus on the success of its business and will proactively manage its balance sheet accordingly, Ipics managing director Khadim Al Qubaisi said in a statement.

Commenting on Ipics early repayment of its debt, Mousa Haddad, head trader with National Bank of Abu Dhabi Asset Management, told Gulf News the move will give more confidence to investors and further enhance the companys credit worthiness.

Ipic, established in 1984, focuses on investments in international energy and energy-related industries.

Last year, Ipic said it was managing investments of $58 billion (Dh213 billion) through its partnerships in a host of international companies.

It said at the time that it has expanded its investment portfolio of acquisitions in 14 leading companies worldwide.

By Himendra Mohan Kumar, Staff Reporter