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Barclays Abu Dhabi Investors to Sell $6.8 Bln Stock

June 2 (Bloomberg) -- Barclays Plc’s Abu Dhabi investors are seeking to sell 4.12 billion pounds ($6.8 billion) of the bank’s stock in order to focus on “hydrocarbon-related opportunities.”

PCP Gulf Invest 1 Ltd. vehicle, owned by the Emirates’ International Petroleum Investment Company, is seeking to sell 9.75 percent in mandatory convertible notes, it said in an emailed statement. Credit Suisse Group AG will conduct an accelerated sale of the stake to other investors, it said. That amounts to 1.304 billion notes convertible into ordinary shares in the bank, Barclays said in a separate statement.

“IPIC has a high regard for Barclays, and great confidence in its management team and ongoing strategy,” IPIC managing director Khadem Al Qubaisi said in the statement. “The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future.”

Barclays raised 5.3 billion pounds in October by selling securities including convertible notes to a group of Middle Eastern investors. Barclays agreed Oct. 31 to sell 2.8 billion pounds of convertible stock and 3 billion pounds of preferred stock to Qatar Holding LLC, Challenger Universal Ltd., an investment vehicle set up by Qatar, and Sheikh Mansour Bin Zayed Al Nahyan, a member of the Royal Family of Abu Dhabi.