Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) is reportedly planning a secondary listing for its distribution unit overseas, according to Reuters.
Informed sources told the international news agency that the UAE-based company was considering listing Adnoc Distribution on New York’s Nasdaq exchange.
“Adnoc Distribution was seeking a minimum free float of 15% to improve its chances of joining the MSCI Emerging Markets Index and attract more international investors,” Reuters reported, citing informed sources.
In December, Adnoc Distribution marked the listing of 10% of its shares on the Abu Dhabi Securities Exchange (ADX).
