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ADNOC hires UAE, global banks to manage IPO

ADNOC hires UAE, global banks to manage IPO
The company was planning to list gas stations owned by ADNOC Distribution $14 billion

Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has selected a number of UAE and global banks to manage its initial public offering (IPO), Reuters reported, citing sources.

The chosen banks are First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch, and Citi Group, according to the sources. The news comes days after Adnoc hired US Moelis bank to advise on strategies and investment.

ADNOC hired the US investment bank after Saudi Arabian Oil Co, commonly known as Saudi Aramco hired the same bank for its globally anticipated IPO.

Sources in Adnoc previously said that the company was planning to list gas stations owned by ADNOC Distribution $14 billion.

On Monday, Adnoc CEO Sultan Ahmed Al Jaber said his company was studying the  listing of some minority interest shares in some of its subsidiaries.

The ADNOC IPO plans come after some GCC countries, led by Saudi Arabia, announced IPO plans for state-owned oil companies, such as Aramco.