• 18 Feb 2009
  • Global

TAQA announces share buyback programme of up to 10% (622.5 million shares) of the share capital of the firm

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced that it had secured approval from the Securities and Commodities Authority (SCA) for a new share repurchase program authorizing up to 10% (or 622.5 million shares) of the share capital of the firm to be repurchased. The company plans to fund the repurchases made under this programme from its available funds. The buyback programme was approved by the Board of TAQA on 12 February 2009.Peter E Barker-Homek, Chief Executive Officer of TAQA, said: “As a company, we have over US$24bn of assets worldwide which consistently deliver robust and diversified cash flows to our business. We do not believe that the current share price accurately reflects the value of TAQA’s business and profitable growth prospects, hence our decision to deploy a portion of excess cash to buy back our shares at this time.”He added: “Recent declines in regional markets are largely not in line with the fundamentals of the majority of companies listed here, including TAQA. Rather, the recent performance of the markets here reflects global trends such as the credit crisis and the global economic slowdown that affect investors’ sentiments and lead them to overlook the compelling fundamentals of most of the companies listed here, including TAQA.”Barker-Homek further added; “This announcement illustrates our confidence in the long-term growth of the company and our commitment to returning superior performance to our shareholders. Much like our bond buy-back programme that was aimed at preserving value for our bondholders, this share buy-back programme is a message to our shareholders that we will vigorously defend their investment in TAQA.”- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

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