UAE's TAQA lifts foreign ownership cap to 49%, net profit falls

DUBAI, Nov 10 (Reuters) - Abu Dhabi National Energy Co has raised the foreign ownership limit in the company to 49% to attract investors after state-backed Abu Dhabi Power Corp (ADPower) took control of the energy firm this year.

TAQA, which has a market capitalisation of $52 billion, reported a nine-month net profit of 1.3 billion dirhams ($354 million), down from 4.74 billion dirhams in the same period a year earlier, due to lower oil and gas revenues.

These were TAQA’s first consolidated pro-forma financial results following its deal with ADPower on July 1 that created one of the largest utilities companies in the Gulf region.

ADPower, a public joint stock company that owns most of Abu Dhabi’s water and electricity assets, transferred the majority of its water and electricity generation, transmission, and distribution companies to TAQA in return for an 98.6% ownership of the company

$1 = 3.6728 UAE dirham Reporting by Saeed Azhar; Editing by Edmund Blair