DUBAI, June 10 (Reuters) - Abu Dhabi's newest sovereign

wealth fund L'IMAD Holding, headed by the emirate's crown

prince, has increased its stake in state-owned power and water

utility TAQA by a further 8.09%, TAQA said on

Wednesday.

Abu Dhabi Power Corporation, a subsidiary of the wealth

fund, completed the acquisition of an additional 9.1 billion

TAQA shares, bringing its total shareholding in the company to

98.12%, TAQA said in a bourse filing.

Two Point Zero Group said in a separate

filing that it had sold its entire stake in TAQA to AD Power as

part of its "ongoing strategic initiatives and portfolio

optimization efforts." It did not disclose financial details.

The stake acquired by AD Power on Wednesday would be worth

around 21.56 billion dirhams ($5.87 billion) according to

Reuters calculations based on TAQA's closing share price on the

same day.

Abu Dhabi holds the vast majority of the UAE's oil reserves

and is home to sovereign funds estimated to collectively manage

more than $1.8 trillion in assets.

L'IMAD came to global prominence last year as one of the

Gulf backers of Paramount Skydance Corp's ( PSKY ) bid for

Warner Bros Discovery ( WBD ).

It has since become an investment heavyweight with assets

worth an estimated $300 billion after taking control of peer

ADQ. It is chaired by Abu Dhabi's Crown Prince Sheikh Khaled bin

Mohamed bin Zayed Al Nahyan.