Abu Dhabi National Oil Co confirms plan to list at least 10% stake on local stock market
Abu Dhabi National Oil Co (ADNOC) will sell shares in its retail fuel stations unit and list them on the Abu Dhabi Securities Exchange, according to a statement.
The government-owned crude producer plans to sell a stake of at least 10 percent in Abu Dhabi National Oil Co for Distribution, which operates filling stations in the United Arab Emirates, ADNOC said.
All shares offered represent the sale of existing shares held by ADNOC, and the admission of shares for trading is expected in December.
Adnoc Distribution is completing the required approvals, and the offer price for the sale will be determined through a book-building process. The initial public offering will be available to individual and other investors, and 5 percent of the offering will be reserved for offer to the Emirates Investment Authority.
ADNOC pumps most of the crude in the UAE, an OPEC member with about 6 percent of global reserves. The company is also merging its shipping units and weighing plans to set up an energy trading unit.