Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Trading in Abu Dhabi National Energy Company (TAQA) shares will be suspended from Friday, August 7, as its majority shareholder moves to complete the compulsory acquisition of the remaining shares and take the company private.
Thursday, August 6, will be the last day of trading in TAQA shares, according to a disclosure filed with the Abu Dhabi Securities Exchange (ADX).
The move follows measures taken by Abu Dhabi Power Corporation (AD Power), which owns 98.12% of TAQA, to compulsorily acquire all the shares it does not already own. AD Power is a subsidiary of L’imad Holding.
Ownership of the remaining shares will be transferred from minority shareholders to AD Power on August 13, the disclosure said.
“The Acquirer must deposit the full value of the Compulsory Acquisition consideration into the ADX bank account,” it said. ADX will subsequently pay the acquisition consideration to the affected shareholders on August 18, in accordance with the approved operational arrangements.
AD Power has offered Dh2.70 for each remaining TAQA share. The compulsory acquisition process was launched after AD Power acquired an additional 8.09% stake in TAQA, including 7.29% from 2PointZero Group, raising its ownership to 98.12%.
TAQA shareholders last month approved amendments to the company’s Articles of Association permitting a shareholder owning at least 90% plus one share to force minority shareholders to sell their holdings, subject to regulatory approval and the applicable company and capital market rules.
The General Assembly also authorised TAQA’s board to withdraw the company and its shares from ADX once AD Power becomes its sole shareholder.
The amendments and the compulsory acquisition are expected to bring public ownership of TAQA by minority investors to an end.
