ABU DHABI: Abu Dhabi National Energy Company (Taqa) said yesterday it was looking at ways to improve the liquidity of its shares but had not taken any steps to remove a barrier to foreigners holding its stock.
Abu Dhabi newspaper The National said yesterday that Taqa was considering a dual listing on the London stock exchange and an opening up of its free-float of shares domestically to foreign investors.
Taqa is 75 percent owned by the Abu Dhabi government, while foreigners are currently not allowed to trade in the remaining stock listed on the Abu Dhabi stock market.
While the Abu Dhabi bourse has boomed this year, rising 33.9 percent year-to-date, Taqa’s stock has declined 4.4 percent in the same period.
“Taqa confirms (it is) exploring opportunities to enhance the liquidity of its shares traded on the Abu Dhabi exchange but has not taken any decisions in this regard,” the company said “Currently, foreign ownership of Taqa shares is not possible and we have not applied for any change to that,” it added.
Reuters
