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Abu Dhabi Finance Company adjusts offer to purchase towers funds

Abu Dhabi Finance Company adjusts offer to purchase towers funds

ABU DHABI – Mubasher: Abu Dhabi Financial Group (ADG) has made a revised offer to acquire the rights of managing the UAE's Abraaj funds in the Middle East, according to news reports

Reuters said it had seen the new bidding document from the financial group in Abu Dhabi.

Abu Dhabi Finance said in a letter to investors in the towers of the towers that it is unlikely that the offer will be reached due to the & # 39; packing & # 39; of the situation.

Abu Dhabi's financial group is looking for a special budget for full legal accounting and a budget. The new offering includes up to $ 6 million in accounting and litigation, as well as a $ 10 million credit facility for financing transactions in the Middle East. East, reported Reuters.

The $ 10 million is in addition to another $ 10 million allocated to fund managers' debts.

"Such a budget is crucial, not only to claim compensation from the previous administration, but also to ensure that investors can get their money back in the Middle East," said Abu Dhabi Financial Group in the document..

"This means that there is no obligation to deposit part of the capital of one of the 200 unique investors in the funds in the Middle East, removing one of the biggest obstacles to asset protection," she said..

The Abu Dhabi Group belongs to a group of more than 12 companies with offers to buy the bulk of Abraaj's direct investment funds.

Abraaj filed a temporary settlement on the Cayman Islands in June after months of unrest about a dispute with investors about the use of their money in a $ 1 billion health insurance fund.

Last month, Actis offered to buy the bulk of Abraaj's direct investment funds.