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Senaat considers plans for $1bn IPO – Agency

Senaat considers plans for $1bn IPO – Agency
The company holds stakes in Abu Dhabi’s National Petroleum Construction Co and Emirates Steel

Abu Dhabi – Mubasher: Senaat is considering reviving plans for an initial public offering (IPO) three years after putting them on hold, Bloomberg quoted people with knowledge of the matter as saying.

The company holds stakes in Abu Dhabi’s National Petroleum Construction Co and Emirates Steel.

Senaat plans to raise about $1 billion from the offering and list shares on the Abu Dhabi stock exchange this year, Bloomberg added.

The company is holding discussions with banks, including JPMorgan Chase, HSBC Holdings, and First Abu Dhabi Bank, about the IPO, sources said.