Energy Markets
Abu Dhabi's wealth fund L'IMAD acquires stake in utility TAQA
Abu Dhabi's newest sovereign fund, L'IMAD 'Holding', led by the emirate’s 'crown prince', has increased its share in state-owned 'power and water utility TAQA' by a further '8.09%', TAQA announced on Wednesday. Abu Dhabi Power Corporation (a subsidiary of the fund) has completed the purchase of 9.1 billion TAQA share, bringing the total of its shares in the company to 98.12%. TAQA announced this in a bourse statement. In a separate filing, Two Point 'Zero Group stated that it sold TAQA's entire stake to AD Power in order to continue its "ongoing strategic aims and portfolio optimization." The company did...