Abu Dhabi – Mubasher: The Abu Dhabi Water and Electricity Authority (ADWEA) on Tuesday increased its stake in Abu Dhabi National Energy Co (TAQA) from 52.38% to 74%, Reuters reported.
The authority bought an additional 21.67% in TAQA from the Abu Dhabi Farmer Financial Support Fund as the contributing founder, the news agency stated, citing a company spokesperson.
TAQA suffered AED 19 million in losses in 2016, owing to a decline in the prices of commodities, which led to a decrease in the value of its oil and gas assets.
By 01:47pm UAE time, TAQA's stock was down 5.26% to AED 0.54.
