TAQA Takes Profit on WesternZagros

The Abu Dhabi National Energy Company, TAQA, today disposed of its entire holding in WesternZagros Resources, which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq.

TAQA purchased 74 million common shares in WesternZagros at CDN$0.63 per share for a total amount of CDN$46.6 million in October 2011.

TAQA completed the disposal in a single block trade prior to the opening of the TSX Venture Exchange on 30 November for a total consideration of CDN$85.1 million.

Prior to the disposal, TAQA held 17.98% of WesternZagros’ issued and outstanding common shares.

3 Responses to TAQA Takes Profit on WesternZagros

  1. Mealticket December 3, 2012 at 3:23 am #

    Looks like Westernzargos is still undervalued and a strong buy…What do you think…I’m buying more…

  2. […] According to the latest news, Abu Dhabi National Energy Co. (TAQA) said last Friday it had sold its 19.9% share in WesternZagros Resources and this is not a positive development. TAQA had bought these shares at $0.63 per share. […]

  3. […] According to the latest news, Abu Dhabi National Energy Co. (TAQA) said last Friday it had sold its 19.9% share in WesternZagros Resources and this is not a positive development. TAQA had bought these shares at $0.63 per share. […]

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    […] According to the latest news, Abu Dhabi National Energy Co. (TAQA) said last Friday it had sold its 19.9% share in WesternZagros Resources and this is not a positive development. TAQA had bought these shares at $0.63 per share. […]