Gulf News reported that Abu Dhabi National Energy Company is setting up a MYR 3.5 billion sukuk program to diversify funding sources.

Mr Mohammad Mubaideen senior associate of Investor Relations at TAQA said that once appropriate regulatory approval is received, the program will allow Taqa to issue quickly if and when the market conditions are optimal.

He said that we have traditional bonds, bank lines and equity from shareholders as our primary funding sources besides internally generated funds. The last equity issuance was in 2008 using converible bonds and the last traditional bond offering was in 2009. We have USD 1.5 billion bond maturing in October 2012.

(Sourced from Gulf News)