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ADNOC eyes offering 10% of distribution unit on ADX

ADNOC eyes offering 10% of distribution unit on ADX
The IPO will be pending regulatory approvals

By: Amr Adel 

Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) announced that it will offer no less than 10% of its subsidiary “ADNOC Distribution” on the Abu Dhabi Securities Exchange (ADX), according to CEO Sultan Ahmed Al Jaber. 

“The decision to launch the ADNOC Distribution's IPO is a historic moment for ADNOC and the first time it has placed shares of one of its subsidiaries on the public markets,” Al Jaber added in a company statement.

The IPO will be pending regulatory approvals, including those from the UAE Securities and Commodities Authority (SCA) and the ADX, the company added.

“The planned IPO will offer both the UAE and international investors an unprecedented opportunity to invest alongside ADNOC in one of the region’s leading retail brands,” Al Jaber continued.

ADNOC plans to increase the capacity of its crude refineries by 60% along with surging its petrochemical production, the UAE-based company concluded.

 

Translated by: Muhammad Khalid