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Tuesday, 11 July 2017

Adnoc to Plan IPO of Retail Unit at $14 Billion Value - Bloomberg

Adnoc to Plan IPO of Retail Unit at $14 Billion Value - Bloomberg:

"Abu Dhabi National Oil Co. is planning an initial public offering of its service stations unit and may seek a value of as much as $14 billion, according to people familiar with the matter. The company known as Adnoc, may appoint investment banks for the share sale, likely to be on the Abu Dhabi stock exchange, as early as this week, the people said, asking not to be identified as the information is private. The unit may ultimately fetch a value of about $10 billion and raise up to $3 billion from a listing, another person said. No final decisions have been made, and Adnoc may also decide not to pursue an IPO, they said. Adnoc, which produces most of the crude in the United Arab Emirates, said earlier this week that it may sell minority stakes in some of its service units and will seek international partners to boost growth and expand operations. Adnoc will also seek to expand its energy trading operations as part of the new plan, Abdulla Salem Al Dhaheri, head of the company’s marketing, sales and trading directorate, said at a conference in Istanbul on Monday. "

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