Khalifa sets up two power companies

ABU DHABI - The President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as ruler of Abu Dhabi, three emiri decrees.

By (Wam)

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Published: Wed 29 Dec 2004, 10:59 AM

Last updated: Thu 2 Apr 2015, 11:49 AM

In the first decree, Sheikh Khalifa appointed secretary-general of Abu Dhabi Executive Council (ADEC), Mohammed Ahmed Al Bawardi, as under secretary for the court of Abu Dabi crown prince and chairman of the ADEC.

According to the second decree, a company named Al Taweella United Power shall be set up as a public joint stock venture with a capital of Dh 2.3 billion to be divided into 130 million shares with each share having a nominal value of Dh 10.

The decree stipulated that all nominal shares shall be wholly owned by Abu Dhabi Electricity and Water Authority (ADEWA).

The third decree called for establishing the Taweela Asia Power Company as an industrial private joint stock firm to develop, own, operate and maintain projects for power generation and water desalination.

The decree fixed the capital of the compay at Dh994 million to be divided into 99.400,000 shares with each share pricing at Dh10.

” The Taweella Power Company shall own 60 per cent of the company while Asia-Gulf Power Holding Company shall hold the remaining stake,” the decree said.

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