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Peter E Barker-Homek, Chief Executive Officer of Taqa, said:
"As a company, we have over $24bn of assets worldwide which consistently deliver robust and diversified cash flows to our business. We do not believe that the current share price accurately reflects the value of Taqa's business and profitable growth prospects, hence our decision to deploy a portion of excess cash to buy back our shares at this time."
He added: "Recent declines in regional markets are largely not in line with the fundamentals of the majority of companies listed here, including Taqa. Rather, the recent performance of the markets here reflects global trends such as the credit crisis and the global economic slowdown that affect investors' sentiments and lead them to overlook the compelling fundamentals of most of the companies listed here, including Taqa."
Barker-Homek further added: "This announcement illustrates our confidence in the long-term growth of the company and our commitment to returning superior performance to our shareholders. Much like our bond buy-back programme that was aimed at preserving value for our bondholders, this share buy-back programme is a message to our shareholders that we will vigorously defend their investment in Taqa."
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Posted by Nadeen El Ajou
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