Abu Dhabi-based investment and holding company ADQ will monetise an 8.6 per cent stake in Abu Dhabi National Energy Company PJSC (TAQA), it said on Tuesday.
The stake will be offloaded to Multiply Group PJSC, Abu Dhabi Pension Fund and other prominent investors, it said.
“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,” said Mohamed Hassan Alsuwaidi, Managing Director & CEO of ADQ.
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, and 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. TAQA remains is a majority-owned portfolio company of ADQ.