Middle East Deals: UAE's Taqa to Offer More Shares in Asset Swap - Bloomberg:
Abu Dhabi’s Taqa plans to sell more shares after completing an asset-transfer deal with its parent, government-owned ADPower, that creates a utility giant in the Gulf Arab region.
Moody’s Investors Service upgraded Taqa’s credit rating by three levels to Aa3, the fourth-highest investment grade, following the transfer. Its stock fell 2.3%, the biggest drop since June 8, to 0.67 dirhams.
Abu Dhabi National Energy Co., as Taqa is officially known, also appointed Jasim Husain Thabet as chief executive officer and managing director, it said in a statement. Thabet was CEO of ADPower, which owns 98.6% of Taqa’s issued shares. The share offering will increase the free float.
The asset-transfer deal makes Taqa the third-largest listed company in the United Arab Emirates in terms of market capitalization. It acquired most of ADPower’s assets for generating, transmitting and distributing power and water, in exchange for 106 billion new shares, according to the statement.
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