Published: October 3, 2011
Abu Dhabi energy group’s US$1bn plan should diversify funding.
The Abu Dhabi National Energy Company has set up a sukuk programme to help diversify its funding sources.
The company, known as Taqa, issued a statement via the Abu Dhabi Securities Exchange confirming the programme, which will be denominated in Malaysian ringgit and worth MYR3.5bn (US$1bn).
“Once appropriate regulatory approval is received, the programme will allow Taqa to issue quickly if and when market conditions are optimal,” the statement said.
In its latest results, covering the first half of the year, Taqa reported pre-tax profit of AED2.3bn (US$636mn), up from SED1.4bn in the first half of 2010.