ADNOC to float 4% of its gas business in IPO – statement

An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018. REUTERS/Christopher Pike DUBAI, Feb 17 (Reuters) – ADNOC will sell 4% of it gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday. ADNOC Gas’s offering is set to be open from Feb. 23 to March 2 for institutional investors, while retail investors can subscribe until March 1, according to the notice in the National newspaper and the statement. Shares are expected to begin trading on March 13. ADNOC holds a 95% stake in ADNOC Gas, and prior to the offering, it transferred 5% of the share capital of ADNOC GAS to Abu Dhabi National Energy Company. (TAQA.AD) Following the IPO, ADNOC is expected to own roughly 91% of ADNOC Gas. Should the deal go through, ADNOC Gas expects to target payments of dividends of $1.625 billion in the fourth quarter of this year for the first half of 2023, according to a ADNOC Gas intention to float document emailed on Friday. ADNOC Gas plans to offer a further $1.625 billion in the second quarter of 2024 for the second half of […]

Click here to view original web page at www.reuters.com