April 4, 2017 / 7:06 AM / 3 years ago

Abu Dhabi Water & Electricty Authority raises stake in Taqa to 74 pct from 52.38 pct

ABU DHABI, April 4 (Reuters) - Abu Dhabi Water & Electricity Authority (Adwea) has raised its stake in Abu Dhabi National Energy Co (Taqa) to 74 percent from 52.38 percent, a Taqa spokesman said.

As the founder shareholder of energy firm Taqa, Adwea bought the 21.67 percent shareholding held by the Fund for the support of Farm Owners.

“Adwea has always been an active shareholder and this is a positive consolidation of its shareholding,” a spokesman of Taqa told Reuters on Tuesday.

Taqa’s share price soared on Sunday and Monday on investor hopes that the support from Abu Dhabi could help the company turn a corner after it reported a big loss in its last financial year. (Reporting by Stanley Carvalho, editing by Saeed Azhar)

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