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DUBAI, May 10 (Reuters) – Abu Dhabi oil major ADNOC said it intends to sell its stake in ADNOC Logistics & Services (ADNOC) through an initial public offering (IPO) on the Abu Dhabi Securities Exchange. L&S) subsidiary 15 percent stake, the company said on Wednesday.
ADNOC will sell about 1.1 million shares in its maritime logistics services unit, which is expected to go public on June 1, depending on market conditions, the statement said. The subscription period for the share issue is from May 16 to May 24.
Reuters reported in March that ADNOC was preparing to List ADNOC L&S in June.
“As the sixth company ADNOC has brought to market, ADNOC L&S is ideally positioned to drive performance, create value and capitalize on ADNOC’s ambitious growth roadmap and growing global demand for low-carbon, reliable energy supplies,” Khaled Al Zaabi , ADNOC Group Chief Financial Officer said in a statement.
It would be the Abu Dhabi oil major’s second IPO this year after raising $2.5 billion from its gas business in March.
Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and J.P. Morgan have been appointed as joint global coordinators and joint bookrunners, with Moelis & Co acting as independent financial advisor to the IPO.
ADNOC L&S supplies crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was formed in 2016 from the merger of the Abu Dhabi National Tanker Company, Oil Services Company and Abu Dhabi Petroleum Ports Operating Company.
Reporting by Rachna Uppal; Editing by Shirley Jacobs-Phillips
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