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Thursday, 15 June 2017

Abu Dhabi's Senaat Said to Revive $1 Billion Share Sale Plans - Bloomberg

Abu Dhabi's Senaat Said to Revive $1 Billion Share Sale Plans - Bloomberg:

"Senaat, which holds stakes in Abu Dhabi’s National Petroleum Construction Co. and Emirates Steel, is considering reviving plans for an initial public offering three years after putting them on hold, people with knowledge of the matter said. The company plans to raise about $1 billion from the offering and list shares on the Abu Dhabi stock exchange as the year, said the people, asking not to be identified because the information is private. Senaat is talking to banks including JPMorgan Chase & Co., HSBC Holdings Plc and First Abu Dhabi Bank PJSC about the potential IPO, they said. Senaat shelved plans for a share sale in 2014 after Abu Dhabi’s executive council, the emirate’s highest decision-making body, rejected them, people familiar with the decision said at the time. The industrial conglomerate then decided to focus on selling shares in its subsidiaries, Chairman Hussain Al Nowais said in 2015. Senaat hasn’t announced any plans to IPO any of its units since then."



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