Adnoc Distribution sets good start for MidEast privatisation
Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.
The Abu Dhabi government, Adnoc’s parent, sold a 10% stake in its downstream subsidiary at Dh2.5 a share for Dh3.125bn ($850m), giving the company a market cap of $8.5bn. Adnoc had been willing to sell up to a 20% stake.It was the first privatisation through an equity capital ...
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