ADNOC Gas plc the world-class integrated gas processing company, has announces its intention to proceed with an initial public offering of 3,070,056,880 of its shares and to admit its shares for listing and trading on the Abu Dhabi Securities Exchange (“ADX”).
ADNOC intends to offer approximately 4% of ADNOC Gas’ issued share capital in the Offering as part of the UAE Retail Offering, to individuals and other investors in the UAE; employees of ADNOC group companies residing in the UAE; and UAE national retirees of ADNOC group companies residing in the UAE; and as part of the Qualified Investor Offering, to qualified institutional and other investors.
The Selling Shareholder retains the right to amend the size of the Offering at any time before pricing of the Offering, subject to the applicable laws of the UAE and the approval of the SCA.
The Company is registered as a public company limited by shares incorporated in the Abu Dhabi Global Market (the “ADGM”) and is subject to the ADGM Companies Regulations 2020.
Commenting on the launch of the ADNOC Gas IPO process, Khaled Al Zaabi, Acting Group CFO of ADNOC, said: “We are very pleased to announce our intention to float a minority stake in ADNOC Gas, our world-class gas processing, operations and marketing company. Natural gas is central to the energy transition and as the UAE’s gas champion, ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.
“This is the fifth occasion where we are bringing an ADNOC company to the market in as many years, and we are delighted to once again offer international and local investors a highly compelling investment opportunity, allowing shareholders to partake in ADNOC and Abu Dhabi’s ongoing value creation journey.”
Ahmed Mohamed Alebri, Acting Chief Executive Officer of ADNOC Gas, said: “ADNOC Gas is a vital component of the UAE’s energy system and is at the heart of the country’s goals of achieving gas self-sufficiency and becoming a gas net exporter. This is enabled by our dedicated people and world-class integrated gas platform with access to a total gas processing capacity of over 10 billion standard cubic feet per day and a liquid processing capacity of 29 million tonnes per year, that is underpinned by a competitive and reliable feedstock supply. With anticipated substantial and consistent revenues and resilient margins, we believe that ADNOC Gas is well positioned to benefit from robust long-term demand trends for global gas, whilst playing a critical role in driving decarbonisation in line with the UAE’s Net-Zero strategy.”