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    ADAVIATION   AEA001001014

ABU DHABI AVIATION

(ADAVIATION)
  Report
End-of-day quote Abu Dhabi Securities Exchange  -  2022-10-05
4.950 AED   -0.40%
08/11Abu Dhabi's IHC takes $490 mln stake in Turkey's Kalyon
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08/04Abu Dhabi Aviation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
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04/29Abu Dhabi Aviation Reports Earnings Results for the First Quarter Ended March 31, 2022
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Abu Dhabi's IHC takes $490 mln stake in Turkey's Kalyon

08/11/2022 | 02:19am EDT

DUBAI, Aug 11 (Reuters) - Abu Dhabi's International Holding Co on Thursday said it had acquired a 50% stake in Turkey's Kalyon Enerji for 1.8 billion dirham ($490 million) through one of its subsidiaries.

Kalyon Enerji is part of Turkey's Kalyon Holding, which has interests in construction, energy and aviation. IHC subsidiary International Energy Holding will acquire the stake, IHC said.

The transaction includes solar power projects in Turkey's Karapnar and Gaziantep regions and a wind power project in Ankara, IHC said in a statement to the Abu Dhabi stock market.

Chief Executive Syed Basar Shueb said the deal was IHC's second-biggest acquisition ever in the renewable energy sector.

Reuters reported in June that Kalyon Holding, which has large solar and wind energy concessions in Turkey, was in advanced talks with IHC to partner on strategic assets.

The Kalyon Karapnar Solar Power Plant, which is included in the deal, will be capable of meeting annual electricity needs of 2 million people once it is completed in 2023, IHC said.

The deal follows a visit last November by the United Arab Emirates' now-president, Sheikh Mohammed bin Zayed Al Nahyan, to Turkey where he met Turkish President Recep Tayyip Erdogan.

During the visit, which followed years of animosity between the two nations, Emirati and Turkish officials signed billions of dollars in investment deals, including for energy.

IHC is chaired by Sheikh Tahnoon bin Zayed, the UAE's national security adviser and a brother of Sheikh Mohammed. ($1 = 3.6727 UAE dirham) (Writing by Alexander Cornwell; Editing by Robert Birsel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI AVIATION -0.40% 4.95 End-of-day quote.1.02%
EURO / DIRHAM (EUR/AED) -1.18% 3.5959 Delayed Quote.-12.19%
INTERNATIONAL HOLDING COMPANY 0.06% 359.7 End-of-day quote.136.64%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6727 Delayed Quote.0.00%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.13% 18.5696 Delayed Quote.39.32%
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Financials
Sales 2022 1 826 M 497 M 497 M
Net income 2022 277 M 75,4 M 75,4 M
Net Debt 2022 25,0 M 6,81 M 6,81 M
P/E ratio 2022 7,98x
Yield 2022 4,44%
Capitalization 2 202 M 599 M 599 M
EV / Sales 2022 1,22x
EV / Sales 2023 1,08x
Nbr of Employees -
Free-Float 70,0%
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 4,95 AED
Average target price 6,40 AED
Spread / Average Target 29,3%
EPS Revisions
Managers and Directors
Mohammed Ibrahim Mohamed Al-Mazroui General Manager
Ashraf Fahmy Chief Financial Officer
Nader Ahmed Mohammed Al-Hammadi Chairman
Ahmed Mohammed Sultan Suroor Al-Dhahiri Vice Chairman
Saif Saeed Mohammed Al-Dhaheri Independent Non-Executive Director
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