ABU DHABI 15 November 2017: Plans to list a minority stake in Adnoc Distribution, the UAE’s largest fuel distributor and convenience store operator, on the Abu Dhabi Securities Exchange (ADX), have been confirmed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO.
Delivering the opening keynote address at Adipec, Dr Al Jaber said the decision to launch the Adnoc Distribution IPO is an historic moment for Adnoc and the first time it has placed shares, of one of its subsidiary companies, onto the public markets. The planned IPO of Adnoc Distribution will be subject to the finalising of all regulatory approvals, including those approvals from the UAE Securities and Commodities Authority, and the ADX.
“The planned IPO, to be listed on the Abu Dhabi Securities Exchange, will offer both UAE and international investors an unprecedented opportunity to invest alongside Adnoc in one of the region’s leading retail brands,” Dr Al Jaber said.
“This marks a major milestone in our history and a significant step-change in our transformation. Importantly, it also signals a new chapter in the growth and development of the UAE’s capital markets. But to be clear, Adnoc at a holding company level, will always remain wholly owned by the Abu Dhabi Government.”
Dr Al Jaber said the proposed IPO is in line with the vision of the UAE’s wise leadership, which has set ambitious socio-economic goals to ensure a sustainable and prosperous future for the nation. ve this, we have set out to transform the fundamentals of our business We have expanded our approach to partnerships, enhanced our capital structure, to more efficiently finance our business, and revised the way we manage our portfolio of assets to unlock lasting value.”