Retail business includes gas stations, Adnoc Oasis chain

20/10/2017 10:55 AST

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.


Bloomberg

Ticker Price Volume
QNBK 161.50 144,143
SABIC 129.20 5,384,386
CHEMANOL 10.70 7,933,735
EEC 20.76 5,394,179
WALAA 28.60 174,561
EXTRA 60.80 293,094
JAZIRATKFL 22.12 307,152

ADX 4,760.95 -10.10 (-0.21%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ADIB 3.93 0.03 (0.76%)
FAB 13.15 0.00 (0.00%)
ADCB 7.10 0.00 (0.00%)
CBI 0.73 0.00 (0.00%)
UNB 3.36 -0.19 (-5.36%)

DFM 2,932.04 10.69 (0.37%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
EMIRATESNBD 10.35 0.00 (0.00%)
EIB 10.00 0.00 (0.00%)
EMAAR 5.25 0.08 (1.54%)
EMAARMALLS 2.12 0.00 (0.00%)
DIB 4.95 -0.01 (-0.21%)
Oman share index ends lower

23/07/2018

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

Insurance stocks see renewed buying in flat UAE markets

23/07/2018

Traders resorted to renewed buying in insurance stocks such as Dar Al Takaful, Salama, Dubai Islamic Insurance & Reinsurance Co and Methaq Takaful Insurance even as the wider index traded flat on Sun

Gulf News

Little cheer for Dubai as market pain continues

23/07/2018

The underperforming Dubai Financial Market (DFM) General Index is caught up in a whirlwind of negative news, and there are no signs of it going away for now.

First, it was Emaar Properties’

Gulf News

MENA equities continue to outperform global markets

22/07/2018

Most S&P and Dow Jones Shariah-compliant benchmarks outperformed their conventional counterparts in Q2 and through the first half of 2018 as financials – which are largely absent from Islamic indices

Saudi Gazette

MSM30: Recovery in performance, overall good results

22/07/2018

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