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Thursday, 20 July 2017

Adnoc hires banks for fuel retailer IPO: sources

Adnoc hires banks for fuel retailer IPO: sources:

"Abu Dhabi National Oil Company (Adnoc) has picked a local bank and three foreign lenders as bookrunners for the planned initial public offering of its retail unit that could raise $1.5 billion to $2 billion, sources said on Thursday. The listing for ADNOC Distribution, which manages petrol stations as well as convenience stores across the United Arab Emirates (UAE), comes as Abu Dhabi joins other Gulf states, such as Saudi Arabia and Oman, in privatizing energy assets. First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch and Citigroup have been mandated for the IPO, sources familiar with the matter told Reuters."



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