Taqa plans $1.13bn convertible bonds sale


State-controlled Abu Dhabi National Energy (Taqa), a utility and petroleum producer, said on Tuesday it plans to sell as much as Dh4.15 billion of convertible bonds.


Shareholders of the United Arab Emirates-based company, that last year agreed on $11bn of acquisitions from Canada to India, will meet next week to discuss the proposal, Taqa said, without giving further details about the planned sale.


Taqa Chief Executive Officer Peter Barker-Homek said in December the company may sell convertible bonds this year to finance buyouts.


Last month, it said it was delaying a decision to sell the securities.


The company plans to triple the value of its assets to $60 billion by the end of 2012, from about $21bn at the end of last year.


Taqa in November won Canadian approval to buy PrimeWest Energy Trust for C$5bn (Dh18.27bn) and the Canadian unit of Pioneer Natural Resource for $540m.


The government of Abu Dhabi, the world's fifth-largest oil exporter, owns 75 per cent of Taqa. The rest is publicly traded. (Reuters)