Abu Dhabi’s partially-privatized energy and water firm Taqa announced on 10 November that foreign shareholders will be able to own a combined 49% of the company, effective immediately, ending a restriction of non-government shareholding to UAE nationals and institutions.
Currently, 98.6% of Taqa is owned by state holding company ADQ’s subsidiary Adpower with the remaining 1.4% traded on the Abu Dhabi Securities Exchange (ADX). With a market capitalization of $50bn, Taqa is the most valuable company listed on ADX. Taqa intends to increase the free float through a public offering. Permitting foreign ownership is a key development for maximizing the potential returns. No timeframe has been announced for the offering. (CONTINUED - 666 WORDS)