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ADQ Monetizes a Minority Stake in TAQA
 
• ADQ monetizes a minority stake in TAQA in line with its strategy of targeting a balanced and diversified portfolio
• ADQ remains committed to maintaining a sizeable ownership stake in TAQA 
• TAQA is a leading utilities firm in EMEA and a key player in driving the UAE's clean transition
 
Abu Dhabi, UAE. 13 September 2022: ADQ, an Abu Dhabi-based investment and holding company, today announced that it has entered into an agreement to monetize a stake of 8.6% 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, the capital of the United Arab Emirates, 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 50GW capacity by 2030.
 
H.E. Mohamed Hassan Alsuwaidi, Managing Director & CEO of ADQ, commented: “The transaction underlines our efforts to attract long-term institutional partners and leverage monetization 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.
 
---ENDS---

Posted by : Abu Dhabi and Al Ain PR Network Editorial Team
Viewed 65 times
PR Category : Banking & Investments
Posted on : Wednesday, September 14, 2022  10:01:00 AM UAE local time (GMT+4)
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