Taqa plans to raise $1.5b through bond sales

Abu Dhabi National Energy Company (Taqa) is looking to raise up to $1.5 billion (Dh5.50 billion) from bond sales to fund the company's general corporate needs and to repay any outstanding debt, a senior company official told Gulf News yesterday. "We still haven't finalised the bond offer. We are in the process of finalising it. When we do finalise, we will inform the market," said Mohammad Mubaideen, Investor Relations Manager. "The bonds will be issued in two tranches of five years and ten years. We have international banks helping us with the bond issue," Mubaideen added. Taqa's fiscal third-quarter net profit more than doubled, aided by higher crude oil prices. Article continues below Taqa, which is 75 per cent owned by the government of Abu Dhabi, reported a third-quarter net profit of Dh537 million for the quarter ended September 30, compared with Dh218 million a year ago. Taqa, which has stakes in several oil and natural gas producing fields worldwide, also runs power plants in Morocco, Saudi Arabia, Ghana, India and the US and now wants to start oil and gas operations in Northern Africa. Taqa's shares on the Abu Dhabi Securities Exchange ended 1.64 per cent lower yesterday at Dh1.21 on a bearish market.