Abu Dhabi’s Senaat Said to Seek Approval for Listing This Year - Bloomberg

Abu Dhabi’s Senaat Said to Seek Approval for Listing This Year - Bloomberg:



"Abu Dhabi’s Senaat, which owns companies including National Petroleum Construction Co., is seeking approval from the emirate for an initial public offering this year, two people familiar with the matter said.



The deal is awaiting a decision from the Abu Dhabi Executive Council, which may take about a month, the people said, declining to be identified because the matter isn’t public. The council is the emirate’s local executive authority with the power to make all project-related decisions such as negotiations and change orders, according to its website.



Senaat, which hired HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) for the IPO last year, plans to sell shares in the second half or early 2015, according to the people. The company will list the shares on the Abu Dhabi Securities Exchange, one of the people said. A spokeswoman for Senaat declined to comment, as did a JPMorgan spokeswoman."



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