ADNOC announces intention to float 15% minority stake in ADNOC Logistics & Services on ADX

ADNOC announces intention to float 15% minority stake in ADNOC Logistics & Services on ADX

ABU DHABI, 10th May, 2023 (WAM) -- ADNOC has announced its intention to float a 15% minority stake in ADNOC Logistics & Services (ADNOC L&S), its mission-critical global energy maritime and integrated logistics leader, on the Abu Dhabi Securities Exchange (ADX).

The offering is expected to open on May 16, 2023, subject to regulatory approvals and other relevant considerations.

ADNOC L&S is a vital logistics services provider to ADNOC Group, offering critical and highly-specialised services across the energy value chain.

With a world-scale operating platform, the Company has one of the largest and most diverse shipping fleets in the region, is among the largest operator and owner of self-propelled Jack-up barges, operates one of the largest integrated energy supply bases in the UAE, and provides shipping, end-to-end logistics and marine services to its customers.

Commenting on the launch of the IPO process, Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, said, “We are very pleased to announce our intention to float a minority stake in ADNOC L&S, our leading energy logistics and maritime services provider. As the sixth company ADNOC is bringing to market, ADNOC L&S is ideally placed to drive performance, deliver value, and capitalise on both ADNOC’s ambitious growth roadmap and