69TM Abu Dhabi 20

TIDM69TM

RNS Number : 7732B

Abu Dhabi National Energy Co PJSC

03 February 2020

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

TAQA announces receipt of offer from ADPower

03 February 2020: Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced today that its Board of Directors has received an offer from Abu Dhabi Power Corporation PJSC (ADPower), a public joint stock company that owns most of the water and electricity assets across the Emirate of Abu Dhabi.

The key terms of the offer are that ADPower would transfer certain assets to TAQA in exchange for 106,367,950,000 shares in TAQA and the termination of the land lease agreement between ADPower and TAQA. This implies an exchange ratio of 17.53423833 new ordinary shares in TAQA issued for every existing share. When applied to ADPower's valuation of the contributed assets, the offer implies an equity value of TAQA of AED 4,156 million. Post completion, ADPower would own 98.60% of the entire issued share capital of TAQA.

According to the offer received from ADPower, this would include most of ADPower's water and electricity generation, transmission and distribution assets. The offer is subject to various approvals, including by the Abu Dhabi Department of Energy (DoE), the Securities and Commodities Authority (SCA) and the shareholders of TAQA.

The Board of Directors of TAQA will consider the transaction proposed by ADPower before making any recommendation to the shareholders.

Should an agreement be reached between the two parties, it is envisaged that the terms of the proposed transaction will be finalised during H1 2020. A TAQA general assembly meeting would consider approving the transaction during H2 2020, with closing shortly thereafter. At this time, there is no certainty that any transaction will result.

For further information, please contact:

Abu Dhabi National Energy Company PJSC

Levels 23-25, Al Maqam Tower

Abu Dhabi Global Market Square, Al Maryah Island

P.O. Box 55224

Emirate of Abu Dhabi

United Arab Emirates

   For investor relations enquiries:        Shadi Salman, CFA (ir@taqaglobal.com) 
   For media enquiries:                          LeAnne Graves (media.hq@taqaglobal.com) 

This announcement is released by Abu Dhabi National Energy Company PJSC and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the U.S.$9,000,000,000 Global Medium Term Note Programme of Abu Dhabi National Energy Company PJSC. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Saeed Hamad Al Dhaheri as authorised signatory of Abu Dhabi National Energy Company PJSC.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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