Abu Dhabi National Oil Company (Adnoc) will sell at least 10 per cent shares of its retail fuel stations unit and list them on the local stock exchange, said Chief Executive Officer Sultan Ahmad Al Jaber, kick-starting a round of privatizations in the regional oil industry.
Speaking exclusively to Bloomberg TV, Al Jaber discussed plans to sell the stake in Adnoc Distribution, which operates fuel stations in the UAE.
The IPO will be open to local and international investors and this signals a new chapter in the growth and development of UAE'c capital markets, Dr Al Jaber said at the Adipec conference.
Adnoc will take all the proceeds from the IPO and remain the majority shareholder. The IPO is expected to support Adnoc Distribution in its new growth strategy.
Adnoc Distribution operates 360 service stations and 235 Oasis convenience stores throughout the UAE. - TradeArabia News Service
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