UAE ADNOC to offer 15% stake via public offer

2 years ago

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A picture shows a storage facility of oil giant ADNOC in the Msaffah industrial district in the Emiarti capital Abu Dhabi on 17 January 2022. [AFP via Getty Images]

Abu Dhabi oil giant, ADNOC, intends to offer 15 per cent of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday, Reuters reports.

According to the report, ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on 1 June, subject to market conditions, the statement said.

The subscription period for the share offering is to run from 16 May until 24 May, the report also added.

Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June.

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