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United Arab Emirates-based Alpha Dhabi Holdings has scrapped plans to acquire a majority stake in the UAE-based water and wastewater project developer Metito Holdings.
The conglomerate didn't disclose a reason for terminating discussions on the potential acquisition.
In a separate statement to Zawya, Metito said it had, in parallel, been talking through its investment adviser with other third party investors "who have expressed a strong desire to acquire a stake in the company".
Last year Alpha Dhabi had said pending regulatory approvals, it plans to acquire the stake from Metito's selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
(Writing by Brinda Darasha; editing by Seban Scaria)
