Abu Dhabi sells Tesla shares with huge profit

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Abu Dhabi's Taqa sold shares of electric carmaker Tesla with a $113 million profit.

Abu Dhabi National Energy (Taqa) has sold its seven per cent stake in Tesla, the US electric car maker, the company revealed on April 8.

Taqa, which is 51 per cent owned by the Abu Dhabi Water and Electricity Authority (Adwea) and is listed on the Abu Dhabi Stock Exchange, has cashed in $113 million on the sale after Tesla’s shares saw a 21 per cent surge over the past year on bullish sentiment towards the electric car industry at a time of rising oil prices

Tesla, founded in 2003 by a group of Silicon Valley engineers, is best known for the Tesla Roadster, a car launched in 2008 and now sold in 32 countries. Daimler and Toyota also own stakes in the company.

Taqa said that Tesla was a non-core investment that was originally made by Adwea and transferred to Taqa in 2010.

In a separate statement, Taqa said it acquired a 50 per cent stake in a Kurdistan power plant as part of its focus to invest into the global energy sector. The company also said that it further plans to spend on oil and gas drilling in western Canada and the North Sea, as well as in expansion programmes in Morocco, Ghana, and the Bergermeer gas project in the Netherlands where it is already a major shareholder in a huge gas storage facility.

 

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Reading Time: 1 minute

Abu Dhabi's Taqa sold shares of electric carmaker Tesla with a $113 million profit.

Abu Dhabi National Energy (Taqa) has sold its seven per cent stake in Tesla, the US electric car maker, the company revealed on April 8.

Reading Time: 1 minute

Abu Dhabi's Taqa sold shares of electric carmaker Tesla with a $113 million profit.

Abu Dhabi National Energy (Taqa) has sold its seven per cent stake in Tesla, the US electric car maker, the company revealed on April 8.

Taqa, which is 51 per cent owned by the Abu Dhabi Water and Electricity Authority (Adwea) and is listed on the Abu Dhabi Stock Exchange, has cashed in $113 million on the sale after Tesla’s shares saw a 21 per cent surge over the past year on bullish sentiment towards the electric car industry at a time of rising oil prices

Tesla, founded in 2003 by a group of Silicon Valley engineers, is best known for the Tesla Roadster, a car launched in 2008 and now sold in 32 countries. Daimler and Toyota also own stakes in the company.

Taqa said that Tesla was a non-core investment that was originally made by Adwea and transferred to Taqa in 2010.

In a separate statement, Taqa said it acquired a 50 per cent stake in a Kurdistan power plant as part of its focus to invest into the global energy sector. The company also said that it further plans to spend on oil and gas drilling in western Canada and the North Sea, as well as in expansion programmes in Morocco, Ghana, and the Bergermeer gas project in the Netherlands where it is already a major shareholder in a huge gas storage facility.

 

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