Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) plans to sell shares in its affiliate shipping unit sector as a part of strategy to attract more investments.
ADNOC will announce its final decision about selling shares after merging three maritime transport and service businesses, Bloomberg reported, citing sources as saying.
The period of implementing the transaction of selling shares will not be after 2019, the sources added.
“AdNOC is also planning an initial public offering (IPO) of its retail unit, Adnoc Distribution, in a transaction that could value the company at as much as $14 billion,” people familiar with the matter said in July.
“The oil producer is also seeking funding of about $7 billion through the sale of a project bond and via a loan,” three people with knowledge of the situation said during August.
