Sunday, Apr 08, 2012
DUBAI (Zawya Dow Jones)--Abu Dhabi National Energy Company, better known as Taqa, has sold all of its holding in electric car maker Tesla Motors for a $113 million gain, the company said in a statement Sunday.
Taqa sold 7,297,139 shares into the public market on Friday, a spokesman told Zawya Dow Jones, an amount representing about 7% of the company. Tesla, a Silicon Valley manufacturer of electric sports cars and sedans, listed on the Nasdaq in 2010.
While Taqa declined to reveal the total selling price of the stake, the shares would have been worth about $251.6 million at Friday's closing price of $34.48 per share, according to Zawya Dow Jones calculations.
The Tesla shares were originally transferred to Taqa from the Abu Dhabi Water and Electricity Authority in 2010, according to a statement accompanying its financial results for that year. ADWEA owns 51% of Taqa.
The sale eliminated Taqa's stake in Tesla, but another Abu Dhabi entity still has a holding in the company. Aabar Investments, a fund owned by the Abu Dhabi government through the International Petroleum Investment Company, owns about 4% of Tesla.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
08-04-12 0826GMT
