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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.
Kuwait is weighing plans to sell dollar-denominated bonds, according to people familiar with the matter, joining other Gulf Cooperation Council states also said to be considering sales. Officials fr
UAE indices were sideways on Sunday with normal traded value falling by half even as fourth-quarter results resulted in stock-specific movement last week.
The Dubai Financial Market (DFM) Ge
The Dubai Financial Market General Index (DFMGI) advanced 36.42 or 1.04 per cent last week to end at 3,531.05. Nevertheless, market breadth was mixed with declining issues of 22 beating advancing at
The MSM30 ended the previous week on a decline note by 1.25 per cent at 5,024.06 mainly on weak companies’ results, investors’ cautious sentiment and thus moderate liquidity. All sub-indices closed d
Oman Daily Observer
Amid muted traded activity, the MSM30 Index remained subdued at 5,031.73 points, down 0.16 per cent. The MSM Sharia Index closed at 715.25 points, down 0.23 per cent. Al Madina Takaful was the most a
Times of Oman