New Taqa board looks beyond energy sector worries
Published April 20th, 2017
Shares at the Abu Dhabi National Energy Company, better known as Taqa, matched their 2017 high of AED0.60 today after the state-owned body appointed a new board and revealed its external energy operations had returned to a cash-flow positive situation.
Taqa, which owns controlling stakes in the emirate’s eight massive desalination plants, re-appointed four directors and added three new names, including Saif Saleh Al-Sayari, the acting head of its majority parent, the Abu Dhabi Water & Electricity Authority.
The previous board had completed a two-year expense-cutting programme aimed at tackling Taqa’s struggling O&G investment wing, which led the company to a $5.2 billion loss in 2016.
The company, 24.8% of which is floated on the Abu Dhabi Securities Exchange, is now believed to be considering capacity expansions to some of its domestic power and water facilities.