L’imad Holding moves to take full control of Taqa

Taqa’s days on the public market may be numbered. Abu Dhabi Power Corporation (ADPower) launched a mandatory acquisition process to buy out the remaining minority shareholders in the Abu Dhabi National Energy Company (Taqa), a move that would hand its parent, L’imad Holding, full ownership of the utility giant, according to a press release (pdf).

REMEMBER- L’imad-owned ADPower lifted its stake in Taqa to 98.12% just last week, clearing the threshold required to trigger a squeeze-out under UAE regulations.

ADPower currently owns more than 110.3 bn shares in the company and is seeking to acquire the remaining 1.88% at AED 2.70 apiece, up from its last share price of AED 2.33.

With no remaining freefloat, a formal delisting would be the logical conclusion. While no delisting plans have been specified yet, removing the remaining minority shareholders would leave little practical reason for Taqa to remain publicly traded. “Once the mandatory acquisition is completed [...] the rationale for maintaining a public listing becomes significantly reduced, making a future delisting a logical outcome,” Milan Azar, market analyst at XTB MENA, told Al Etihad.