Abu Dhabi said to weigh sale of $4bn Taqa stake

Abu Dhabi is working with an adviser as it considers selling about 10 percent of Abu Dhabi National Energy Co. (TAQA). (Image: TAQA)

• Size of potential stake could change
• Abu Dhabi seeking to attract FDI

RIYADH: Abu Dhabi is working with an adviser as it considers selling about 10 percent of Abu Dhabi National Energy Co. (TAQA), Bloomberg reported citing people familiar with the matter.
The stake in the company could be worth more than $4 billion based on its current market price.
Initial non-binding bids are expected to be submitted in May, according to the people.
The size of the Taqa stake being sold could change depending on investor interest, Bloomberg reported. Deliberations are ongoing, and there’s no certainty they will lead to a transaction, it said.
Last year, Abu Dhabi orchestrated a plan for Taqa to receive assets from state-owned holding company Abu Dhabi Power Corp., known as ADPower, in return for stock.
Abu Dhabi has been seeking to attract foreign capital by selling stakes in some of its largest companies.