Home Business ADQ monetises minority stake in TAQA

ADQ monetises minority stake in TAQA

by Dubai Forum
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ABU DHABI, 13th September, 2022 (WAM) — ADQ, an Abu Dhabi-based investment and holding company, today announced that it has entered into an agreement to monetise a stake of 8.6 percent in Abu Dhabi National Energy Company PJSC (TAQA) to Multiply Group PJSC, Abu Dhabi Pension Fund and other prominent investors.

TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.

The company operates in 11 countries globally and has recently taken a controlling stake in Masdar’s renewable business, along with ADNOC and Mubadala, which aims to become a global leading clean energy company, targeting more than 50 Gigawatts capacity by 2030.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, commented, “The transaction underlines our efforts to attract long-term institutional partners and leverage monetisation opportunities that ensure we generate sustainable capital growth and a balanced portfolio of diversified investments. We also believe this transaction will support our aspiration to facilitate increased free float in TAQA and Abu Dhabi’s capital markets.”

As a majority-owned portfolio company of ADQ serving as its key growth platform within the utilities sector, TAQA remains a key asset within ADQ’s energy and utilities portfolio supporting its activities in accelerating the UAE’s clean energy transition while generating sustainable financial returns.

WAM/Khoder Nashar/MOHD AAMIR

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