Multiply Group invests Dh10 billion in Taqa

Multiply Group has acquired a 7.3 per cent stake in Abu Dhabi National Energy Company (Taqa) in a deal worth Dh10 billion.

The said investment is effective upon the completion of regulatory approvals and legalities.

The investment is part of Multiply Group’s strategy to grow its utilities vertical in order to create long-term value for shareholders.

Multiply Group, which listed on ADX in December 2021 and reported Dh462 million in net profit for the first half of 2022, will continue to grow its asset base and invest in a balanced portfolio of steady companies that generate recurring income and high-growth businesses.

Taqa is one of the largest listed integrated utility companies in Europe, Middle East and Africa with operations in 11 countries across four continents. By 2030, the company’s power generation portfolio will be at least 30 per cent renewables.

In another development, ADQ, an Abu Dhabi-based investment and holding company, on Tuesday announced that it has entered into an agreement to monetise a stake of 8.6 per cent in Abu Dhabi National Energy Company (Taqa) to Multiply Group, Abu Dhabi Pension Fund and other prominent investors.

Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ, said the transaction underlines our efforts to attract long-term institutional partners and leverage monetisation 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.”

— muzaffarrizvi@khaleejtimes.com