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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.