May 05, 2024 (MENAFN via COMTEX) --
(MENAFN) In a strategic move aimed at enhancing its presence in the field of artificial intelligence (AI) and big data analysis, Abu Dhabi National Oil Company (ADNOC), alongside G42 and Brisight AE Holding PLC, listed on the Abu Dhabi Securities Market, unveiled a new ownership structure for AIQ shares on Wednesday. According to the announcement, Brisight will acquire a majority stake in AIQ, with ADNOC retaining a 49 percent ownership while Brisight assumes a 51 percent stake.
Previously, G42 held a 40 percent stake, while ADNOC owned 60 percent of AIQ shares. The revised ownership structure reflects ADNOC's strategic vision for leveraging AI and big data to drive innovation and efficiency within the energy sector. Despite the change in ownership, AIQ will continue to operate autonomously, leveraging the wealth of big data provided by ADNOC to deliver AI-powered solutions tailored to the energy industry's needs.
The transaction is contingent upon approval from Presight shareholders and relevant regulatory authorities. As part of the agreement, ADNOC will acquire a 4 percent stake in G42 shares held by Presight in exchange for transferring an 11 percent stake in AIQ. Based on Presight's current market capitalization, AIQ is valued at over USD1.4 billion, underscoring the significant value attributed to AI-driven solutions in the energy sector.
The statement further disclosed that Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and CEO of ADNOC, will assume the role of Chairman of the Board of Directors at AIQ. Mansour Al Mansouri, Member of the Executive Council of Abu Dhabi and Chairman of the Department of Health - Abu Dhabi, as well as Chairman of Presight's Board of Directors, will serve as the Vice Chairman of AIQ's Board of Directors. These appointments reflect the high-level leadership and expertise dedicated to steering AIQ towards further innovation and success in the evolving landscape of AI and big data analytics.â??
MENAFN05052024000045015682ID1108174757
COMTEX_451914562/2604/2024-05-05T09:52:21
