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Taqa agrees $1.13bn bonds sale

Abu Dhabi, June 10, 2008

State-controlled Abu Dhabi National Energy Co (Taqa) said its board has approved a plan to sell 4.15 billion dirhams ($1.13 billion) worth of bonds convertible to shares.

The bonds would be offered "primarily to the shareholders of Taqa registered as on June 16", the company said in a statement posted on the bourse website on Tuesday.

The subscription period for the bonds will be 10 days starting July 1 and the conversion will take place on September 1, it said.

The bonds will be issued in a denomination of 1,000 dirhams and will convert into 500 shares, it said. - Reuters




Tags: Taqa | Abu Dhabi National Energy | bond sale |

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