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Tuesday, 14 October, 2008, 18:40 GMT | more prices >>

Taqa to hit the bond market


News agencies

Abu Dhabi National Energy (Taqa) is to sell 4.15 billion dirhams ($1.13 billion) worth of convertible bonds during the next two months.

It will be the first time the state-controlled company has sold convertible bonds.

Taqa said last week shareholders of the company would meet to discuss the proposal. It did not say when it would sell the bonds, reported Reuters.

"Sometime in the next 60 days we plan to go to the market," said chief financial officer Doug Fraser at a shareholders meeting in Abu Dhabi.

"It is to add equity to the balance sheet," said Fraiser, declining to give further details.

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

The government of Abu Dhabi owns 75% of Taqa, while the remaining 25% is publicly traded.


Wednesday, 16 April, 2008, 14:51 GMT  | last updated: Wednesday, 16 April, 2008, 15:05 GMT

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