Taqa shelves plans for $1.3bn bond issuance

The Abu Dhabi National Energy Company (Taqa), one of the largest energy investment companies in the Middle East, has shelved plans to issue around $1.13 billion (Dh4.15bn) in convertible Islamic bonds and said its Board would meet again to take a decision.

"Please be informed that the Board has decided to postpone any decision regarding the issue of convertible bonds to a later meeting," the company said in a letter to the Abu Dhabi Securities Exchange (ADX) yesterday.

"The meeting timing will be decided later and ADX will be informed of the meeting date and time two working days earlier," it added, without specifying reasons for the postponement.

The government-controlled Taqa said in April it was considering issuing convertible bonds to finance its ongoing investment drive and increase capital to cope with a surge in activity.