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