DUBAI, Nov. 13 (Xinhua) — Government-controlled Abu Dhabi National Oil Company (Adnoc) said Monday it will sell a minority stake of its fuel distribution and convenience retail store subsidiary, Adnoc Distribution, via a listing on the Abu Dhabi Securities Exchange (ADX) before the end of 2017, local media said.
The proposed IPO is subject to the finalisation of all regulatory approvals, including those of the UAE Securities and Commodities Authority and the ADX, United Arab Emirates (UAE) state news agency WAM reported.
Adnoc Distribution is the UAE’s largest operator of fuel stations and convenience stores. The company owns and operates a pan-UAE network of 360 fuel service stations, including car washes and other car inspection services, as well as 235 Oasis-branded convenience stores, making it the largest operator of a retail network in the UAE.
The company is also the leading marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE.
Adnoc CEO Dr. Sultan Al-Jaber said ADNOC’s intention to issue an IPO for a minority stake of ADNOC Distribution “will offer both UAE and international investors an unprecedented opportunity to invest alongside ADNOC in one of the region’s leading consumer brands.”
The IPO would mark the third IPO in the UAE this year.