Taqa to Launch IPO for Morocco Unit

Source: Bloomberg 12/4/2013, Location: Africa

Abu Dhabi National Energy Co.'s (TAQA) unit in Morocco has received regulatory approval for an initial public offering later this month, the U.A.E.-based company said.

Jorf Lasfar Energy Co., a wholly owned unit of Taqa, has received approval from the Moroccan Securities Regulator to list on the Casablanca Stock Exchange, it said in a statement posted on the Abu Dhabi bourse website.

The company plans to raise 1.5 billion Moroccan dirhams ($181 million) by listing 14.21% of JLEC, of which 9.47% will be offered on the open market, a Taqa spokesperson said. Shares worth MAD0.5 billion are being placed privately. Taqa will retain 85.79% of the company.

JLEC operates the Jorf Lasfar power plant at El Jadida, which is the largest coal-fired power plant in the Middle East and North Africa, Taqa said in the statement.

Taqa also said it has almost completed a $1.6 billion expansion of the Jorf Lasfar power complex, which will increase its generation capacity by 700 megawatts to 2,056 MW. Two new units are scheduled to be commissioned next year, according to the company.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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