Wednesday, Jan 19, 2011
DUBAI (Zawya Dow Jones)--Abu Dhabi National Energy Co., better known as Taqa, said Wednesday the earlier announced sale of its 50% stake in Marubeni Taqa Caribbean Ltd. was valued at the original purchase price of $320 million, resulting in no material gain or loss for the firm.
Taqa said, in a statement posted on the Abu Dhabi bourse website, that it sold the stake to Japan's Marubeni Corp. for a value that is "equivalent to the company's original purchase price ($320 million) adjusted for Taqa's carrying costs resulting in no material gain nor loss."
The Abu Dhabi energy firm said earlier this week it sold its stake in Marubeni Taqa Caribbean, which owns power generation and transmission facilities in various Caribbean countries, with effect from Jan. 16 and would enable the company to focus on its portfolio in the Middle East and North Africa region.
Taqa in March 2009 announced that it had closed the $320 million acquisition of a 50% equity stake in the existing Caribbean portfolio of Marubeni, which included assets in Jamaica and Trinidad & Tobago among other areas.
Taqa's shares were trading down 1.3% at 1.47 United Arab Emirates dirhams ($0.40) on a flat Abu Dhabi bourse Wednesday.
-By Oliver Klaus, Dow Jones Newswires; +9714 446-1693; oliver.klaus@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-01-11 0712GMT
