Abu Dhabi Oil Giant Pushes Ahead With IPO After Emaar Sale - Bloomberg

Abu Dhabi Oil Giant Pushes Ahead With IPO After Emaar Sale - Bloomberg:

"Abu Dhabi National Oil Co. plans to sell as much as 20 percent of its fuel-distribution unit weeks after Saudi Arabia’s corruption crackdown deterred investors from the Middle East’s biggest share sale of the year.

 The crude producer will offer 1.25 billion to 2.5 billion shares of Abu Dhabi National Oil Co. for Distribution PJSC, according to an advertisement on Monday. The pricing range for the book-build initial public offering will be announced on Nov. 26 and the shares will start trading in Abu Dhabi on Dec. 13.

 The IPO is among several expected in the Middle East, including that of Saudi Aramco, as oil-rich Gulf governments sell assets to raise cash to diversify after crude prices slumped. The Adnoc sale is set to come after Emaar Properties PJSC scrambled to complete a $1.3 billion offering last week as local investors reneged on investment plans following the Saudi crackdown, according to people familiar with the matter."



'via Blog this'