ADNOC, the reliable and responsible provider of low-emissions energy, announced its intention to offer a minority stake of 4% of the shares of ADNOC Gas, its global gas processing, operation and marketing company, for an initial public offering on the Abu Dhabi Securities Exchange.
Subscription to the Offer Shares is expected to start on February 23, 2023, subject to obtaining the approvals of the relevant regulatory authorities and other considerations.
ADNOC Gas (the “Company”), which was formed in January 2023 through the merger of ADNOC’s gas processing and LNG businesses, is a large-scale integrated global company operating in all areas and aspects of the gas value chain.
Thanks to its position as a leading global player with a production capacity of about 10 billion standard cubic feet of gas per day, the company provides its services to a wide range of local and international customers through a wide portfolio of products, and provides about 60% of the UAE’s gas needs, and also exports natural gas and products Related to a large variety of customers in more than 20 countries.
It is expected that the global demand for gas will continue to grow, as the world looks to reduce emissions of the current energy systems, and ADNOC Gas is working to expand its capacity to meet the growing global demand for gas, support efforts to achieve self-sufficiency in it in the UAE, and contribute to industrial expansion. and increase the export capacity of gas.
Khaled Al Zaabi, Chief Financial Officer at ADNOC, said – on this occasion -: “We are pleased to announce our intention to offer a minority stake in ADNOC Gas, a world-class company for the processing, operation and marketing of gas, which is a pivotal fuel source during the transitional phase in the energy sector. ADNOC Gas is the fifth company in which ADNOC has offered a minority stake in the market over the past few years, and we are pleased to offer local and international investors a lucrative investment opportunity that allows them to participate in value creation and enhancement initiatives in Abu Dhabi and ADNOC.
He added, “In line with the leadership’s vision of working to achieve self-sufficiency in gas in the UAE, (ADNOC Gas) is working to ensure the responsible exploitation of natural gas resources with a focus on raising efficiency and enhancing value, and providing reliable supplies of it to meet the growing global demand for energy.”
ADNOC Gas has an outstanding asset base with capital project plans that guarantee strong growth and attractive returns for shareholders.
The company’s total adjusted revenues amounted to 91.3 billion dirhams (24.9 billion US dollars) for the twelve months to October 2022, as ADNOC Gas achieved an adjusted profit before interest, tax, depreciation and amortization of 32.0 billion dirhams (8.7 billion US dollars), and a net income of 17.8 billion dirhams (4.8 billion US dollars) during the same period.
The company expects to distribute profits of at least 11.94 billion dirhams (3.25 billion US dollars) based on the company’s financial performance for the year ending on December 31, 2023.
The details of the offering will be published in the prospectus in Arabic “Prospectus for Public Offering in the United Arab Emirates” and the IPO announcement “Public Announcement”, and the “International Offering Memorandum” will also be published in English.
It is expected that the “Prospectus for Public Offering in the United Arab Emirates” and the “IPO Announcement” will be published today, while the “International Offering Note” is expected to be published during the scheduled time.
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