The Abu Dhabi National Energy Company, or Taqa, announced a major change in strategy yesterday as profits disappointed investors just weeks after the company replaced its most senior executive.
Having spent three years on a US$24 billion (Dh88.15bn) global spending spree, the government-controlled company will now concentrate on existing operations and reduce debt.
“We will shift our focus from growth by step-out M and A [mergers and acquisitions] to organic growth from our existing assets,” Carl Sheldon, the newly appointed general manager of Taqa, said yesterday, laying out his plan to turn the company around. “We’ve now got a suite of internal investment opportunities that will allow us to grow the business without further acquisitions.”
Such kind of statements are usually seen when there is a major change in the Management. So no need to worry about. But this statement is important "Existing asset".
ReplyDeleteWhen the corruption is found in any kind of organization, these kind of changes and circumstances are always expected.
ReplyDeleteUtilizing the existing asset means the organization wants to improvement its capital with the help of already available products, and want to mange the existing products. Right?
ReplyDeleteYou can't go for the capital management with out managing your existing assets, Useful decision.
ReplyDeleteWhat does it mean by the asset management system? I want it in detail.
ReplyDeleteFixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence.
ReplyDelete