Monday 23 October 2017

Fri 20 Oct 2017 10:07 AM 0comments Related Articles ADNOC chief says mulling sale of stakes in subsidiaries ADNOC chief says mulling sale of stakes in subsidiaries 17 OCT 2017 ADNOC brings subsidiaries together in new brand identity Abu Dhabi's ADNOC said to mull sale of shipping unit shares Related companies Abu Dhabi National Oil Company UAE's ADNOC said to plan IPO of fuel stations by end-2017
Abu Dhabi National Oil Co (ADNOC) plans to sell shares in its gas stations unit this year and list them on Abu Dhabi’s stock exchange, according to a person with knowledge of the matter.UAE's ADNOC said to plan IPO of fuel stations by end-2017
Goldman Sachs Group, Morgan Stanley and EFG-Hermes are helping to manage the sale, according to two people with knowledge, asking not to be identified because the information is private. Bank of America Corp, Citigroup, HSBC Holdings and First Abu Dhabi Bank were hired as underwriters, people familiar with the matter said in July. Goldman Sachs, Morgan Stanley and EFG declined to comment.
ADNOC said in a statement that it’s considering selling shares in some of its services business, but it didn’t go into more detail. ADNOC Distribution may seek a value of as much as $14 billion, people familiar with the matter said in July. The company has started meeting with investors and analysts, one of the people said.
The energy company pumps most of the crude in the United Arab Emirates, which holds about 6 percent of global reserves. It said in July that it may sell minority stakes in some units and will seek more international partners to spur growth. While ADNOC has ventures to produce oil and natural gas with companies from countries including the US, China and Japan, it also may seek international expertise and funding for businesses such as energy trading and refining.
ADNOC Distribution has about 360 gas stations in the UAE, according to the company’s website, and owns the ADNOC Oasis chain of convenience stores. It also rents space to restaurants and coffee shops

No comments:

Post a Comment