- 26 Feb 2012
TAQA completes successful issuance of MYR650 million Sukuk
Issuance expanded from MYR500 million due to strong demandAbu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (“TAQA”), the global integrated energy company (ADX: TAQA), today announced that it has successfully completed a MYR650 million Sukuk (c.US$215 million) issuance, as part of its MYR3.5 billion Sukuk programme established in November 2011.The issue saw strong interest from a well-diversified group of top Malaysian asset management companies and quality Islamic investors. Against an overwhelming demand, TAQA priced an additional MYR150 million and accordingly upsized the issue to MYR650 million.The 10 year Sukuk has been raised with a profit rate of 4.65% with a full swapped rate to US dollars of 5.3%.TAQA is the first non-financial institution in the MENA Region to complete a Ringgit Sukuk issuance.Standard Chartered Saadiq Berhad, acted as the Lead Arranger in this transaction.Stephen Kersley, Chief Financial Officer, said: “This successful transaction opens up a new market and debt structure for TAQA. The significant demand, attractive pricing and speed of turnaround from the Malaysian market, enhances our future financing flexibility and underlines the confidence of global markets in our business”- ENDS -For further information:TAQA Investor Relations, Abu DhabiTanis Thacker, Head of Investor Relations
Tel +971 2 691 4933Mohammed Mubaideen, Investor Relations Manager
Tel +971 2691 4964
email@example.comTAQA Media Relations, Abu DhabiAllan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
firstname.lastname@example.orgAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.Its activities include oil and gas, power generation and water desalination across five continents.With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.About TAQA’s Ringgit programmeTAQA established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) in November 2011 to continue to diversify its financing options in various markets. The programme will allow TAQA to issue debt swiftly when market conditions are optimal.In January 2012, RAM Ratings assigned a preliminary AA1 rating to TAQA’s MYR3.5 billion Islamic debt facility.