Abu Dhabi National Energy Co has raised the foreign ownership limit in the company to 49% to attract investors after state-backed Abu Dhabi Power Corp (ADPower) took control of the energy firm this year.
TAQA, which has a market capitalisation of $52 billion, reported a nine-month net profit of 1.3 billion dirhams ($354 million), down from 4.74 billion dirhams in the same period a year earlier, due to lower oil and gas revenues.
These were TAQA’s first consolidated Pro-forma financial results following its deal with ADPower on July 1 that created one of the largest utility companies in the Gulf region.
ADPower, a public joint-stock company that owns most of Abu Dhabi’s water and electricity assets, transferred the majority of its water and electricity generation, transmission, and distribution companies to TAQA in return for a 98.6% ownership of the company.
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