Taqa to be delisted from ADX as L’imad completes acquisition

Abu Dhabi National Energy Company, Taqa, is set to be delisted from the Abu Dhabi Securities Exchange after the sovereign wealth fund L’imad completed its acquisition of the company. L’imad, through its subsidiary Abu Dhabi Power Corporation, purchased the remaining shares of Taqa, bringing the total to 100 per cent. Taqa, founded in 2005, is a diversified utilities and energy group with investments across various sectors in 26 countries.

The delisting is pending regulatory approvals, as revealed by Taqa in a statement to ADX on Wednesday. L’imad, established last year, has been expanding its portfolio recently, with plans to acquire AD Ports Group in full through ADQ, its wholly-owned subsidiary. L’imad also owns a significant stake in Abu Dhabi real estate company Modon Holding.

Additionally, L’imad has been making foreign investments, joining a consortium with Adnoc, BlackRock’s Global Infrastructure Partners, and Singapore’s Temasek to raise capital for a $30 billion infrastructure portfolio in the Gulf and Central Asia. Taqa recently signed a 27-year agreement with Adnoc to supply utilities for the Ta ziz Industrial Chemicals Zone, and also closed a finance deal for the Dh3.6 billion Al Dhafra power plant last December, which will be used to power data centre projects in the UAE.