Abu Dhabi sells Tesla shares with huge profit

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Taqa said that Tesla was a non-core investment that was originally made by Adwea and transferred to Taqa in 2010.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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[caption id="attachment_2794" align="alignleft" width="300" caption="Abu Dhabi's Taqa sold shares of electric carmaker Tesla with a $113 million profit."][/caption] 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...

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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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