ID :
46402
Thu, 02/19/2009 - 16:04
Auther :
Shortlink :
https://oananews.org//node/46402
The shortlink copeid
TAQA announces 10% share buyback programme
Abu Dhabi, Feb 19, 2009 (WAM) - The Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), yesterday 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."
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."
