UAE’s Taqa arranges USD1.1b Sukuk program

03 Oct 2011

(MENAFN) Abu Dhabi National Energy Co. (TAQA) said that since the company planned to diversify its financing options, Taqa arranged a USD1.1 billion Islamic bonds (Sukuk) program, reported Bloomberg.

The company added that the program would take place in the Malaysian market, since the country lessened restrictions on foreign ownership and encouraged new Shariah- compliant products in order to draw investors.

On the other hand, the company, which profit in the second quarter surged to USD118 million, said that every year through 2013, Taqa would invest USD2 billion, moreover, it had no plans to refinance until October 2012.

It is worth noting that this year; international sales of Islamic bonds (Sukuk) grew notably to reach USD17.6 billion from USD11.8 billion in 2010’s same period.

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