Abu Dhabi's Adnoc Considers IPO for Shipping Business - Bloomberg

Abu Dhabi's Adnoc Considers IPO for Shipping Business - Bloomberg:

" Abu Dhabi National Oil Co. is considering a plan to sell shares in its shipping unit as part of a broader strategy to attract investment into the emirate that pumps most of the crude in the United Arab Emirates, according to people with knowledge of the project. State-run Adnoc is merging three maritime transport and service businesses and will only decide on whether to sell a minority stake in the new unit through an initial public offering once that transaction is done, said the people who asked not to be identified because the proposal is confidential. The new company would have to prove its attractiveness to investors and a sale isn’t likely to go ahead before 2019, the people said. Adnoc didn’t specifically comment on the plan for the shipping unit. In an emailed response to questions from Bloomberg, the company said it is “expanding its partnership model and creating new investment opportunities.” It said “Adnoc is therefore considering the potential IPO of minority stakes of some of its services businesses which have attractive investment and growth.” It reiterated that it won’t sell shares in the Adnoc Group holding company."



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