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Abu Dhabi National Oil Co. 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.
Goldman Sachs Group Inc., 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 Inc., HSBC Holdings Plc and First Abu Dhabi Bank PJSC 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 U.S., 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 U.A.E., according to the company’s website, and owns the Adnoc Oasis chain of convenience stores. It also rents space to restaurants and coffee shops.
Trading activity remained poor with Renaissance Day holiday scheduled for Monday. The MSM30 index declined 0.34 per cent to close at 4,433.06 points. The MSM Sharia Index ended at 626.47 points, down
Times of Oman
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First, it was Emaar Properties’
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Improvement was seen in trading activities in the past week as value and volume went up by 84.62 per cent and 127.1 per cent. However, the prevailing impression is caution, despite overall good resul
Oman Daily Observer