Taqa may issue Dh4.15bn bonds

 

The Abu Dhabi National Energy Company (Taqa) is considering issuing Dh4.15 billion bonds to finance its ongoing investment drive and increase capital to cope with a surge in activity, the company said yesterday.

Taqa’s board of directors discussed a request from the Abu Dhabi Water and Electricity Authority (Adwea) to issue convertible sukuk at its meeting yesterday and decided to hold an extraordinary shareholders’ meeting on April 16.

In a statement published online by the Abu Dhabi Securities Market, where Taqa trades its share along with more than 50 other companies, it said the agenda of the meeting would include mainly the request by Adwea, which is partly owned by the Abu Dhabi Government-controlled Taqa.

“The board of directors having received a letter from Adwea resolved that the following items be added to the agenda of the extraordinary general meeting of the shareholders to be held on April 16,” the statement said.

“The issuance by the company of instruments convertible into shares of the company for a total amount of up to Dh4.15 billion and to authorise the board and whom the board authorises to set the conditions under which these instruments will be issued upon including the issue and conversion prices and the increase of the company’s share capital that will follow each conversion according to the set conditions.”

Taqa, which is 75 per cent owned by the Abu Dhabi Government, issued nearly $2bn (Dh7.3bn) in bonds last year to finance its acquisition drive.
 

Announcing its financial results for the past year last month, the company said its total revenues increased by 72 per cent to a record Dh8.3bn, while net earnings shot up by 113 per cent to more than Dh1bn.

 

 

Taqa said it has appointed Tim Granger as managing director of its North American operations, replacing Don Garner.

statement.

Granger has 27 years of experience in the energy sector and in 1999 joined PrimeWest Energy Trust, whose acquisition Taqa completed in January, the statement said. Granger held overall responsibility for development and production operations at PrimeWest, it said.