A new economic report revealed that the Abu Dhabi Investment Holding Company, Multiply GROUP, is holding discussions about investing in the Turkish company biotrend, specializing in waste management and renewable energy.
The US agency “Bloomberg” reported that representatives of the company based in the United Arab Emirates and bytrend sivry at energiyatremlari as, which converts waste into energy in Turkey, are holding talks at advanced stages of negotiations on the acquisition of shares.
According to the “Bloomberg” report, there are ongoing talks between the clean energy producer Masdar and Turkey’s Fiba Yenilenebilir Enerji on the possible acquisition of a stake in the Turkish company.
Information about Biotrend company
BiotrendK, a subsidiary of the Turkish investment company du erkanlar holding, is investing in Solid Waste Management, power generation, carbon certification and trade across 19 facilities in Turkey, including 11 Waste Management and biomass energy plants.
Information about Multiply group
The UAE-based company has been able to prove its worth in mergers and acquisitions in many economic transactions.
The company had acquired a stake in the International Energy Holding Company, a subsidiary of the International Holding Company(IHC), last year 2022.
In 2021, the UAE company successfully completed the full acquisition of Pal Cooling Holding, a Leading Provider of district cooling solutions based in the UAE.
In March 2022, the group made a significant investment of approximately USD 100 million in the initial public offering of DEWA.
In September 2022, the company acquired a 7.3% ownership stake in Abu Dhabi National Energy Company (Taqa) for USD 2.7 billion.
The group recorded a profit of AED 362 million (USD 98.5 million) for the second quarter of 2023, up from AED 98.7 million in the previous year 2022.
