Thursday, May 10, 2012
(This item was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Abu Dhabi National Energy Co. (TAQA.AD), better known as Taqa, is meeting fixed-income investors in Dubai and Abu Dhabi next week, a banker familiar with the matter said Wednesday.
The energy firm will meet investors in the U.A.E. on May 15, while meetings are also scheduled to be held in the international markets in the coming weeks, the banker, who declined to be identified, told Zawya Dow Jones.
These meetings are being held to update investors on what is happening at the company, he added, noting that BNP Paribas is arranging the U.A.E. meetings.
Companies globally meet with investors to update them regularly, and these road shows could be followed by new bond issues depending on the demand and also the company's requirements at the time, analysts say.
Taqa, which is majority owned by the state-owned Abu Dhabi Water and Electricity Authority, completed the sale of a 650 million Malaysian ringgit ($215 million) Islamic bond in February, after raising $1.5 billion via a two-tranche bond issue in December.
The company is expected to report its first-quarter financial results this week.
Taqa is among several Persian Gulf private and sovereign companies that have used cash generated from high oil prices to buy cheap foreign assets to extend their influence outside the Middle East.
The company could join a growing list of Arab Gulf issuers that have managed to tap the markets recently, despite some turbulence caused by fears about the fate of the euro zone and the global economy.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
10-05-12 0349GMT
