Taqa becomes 50th company to list on Abu Dhabi bourse

The Abu Dhabi National Energy Company (Taqa) was listed on the Abu Dhabi Securities Market yesterday, making it the 50th company on the stock exchange, and raising the market's capitalisation to Dh400 billion.

Analysts said the company will add depth and volume to the stock market but were cautiously optimistic about the stock's price.

Capitalised at Dh4.15 billion, Taqa is a subsidiary of the Abu Dhabi Water and Electricity Authority (Adwea) with clear business plans to acquire shares in companies or projects operating in the water, electricity, oil, gas and minerals sector.

An Abu Dhabi Securities Market official said trading in Taqa's shares was robust on the first day, touching nearly Dh232 million and with the price closing at Dh7.97 after opening at an impressive Dh8.80.

The nominal value is Dh1 per share.

Meanwhile an Adwea statement yesterday said Taqa will acquire a 60 per cent stake in Union Water and Electricity Company (Uwec), the Fujairah utility company.

The water and power plant, which is currently in the final stages of construction, has an installed capacity of 1,000 mega-watts and 100 million gallons per day of water.