Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ANDOC) is reportedly planning to offer a 10% stake in its distribution unit on the stock market, informed sources told Reuters.
The date of such offering was not determined yet and it will be intended to help the UAE-based company to join MSCI Emerging Markets Index, Reuters reported.
“ADNOC Distribution, the largest operator of retail fuel service stations and convenience stores in the UAE, is seeking a minimum free float of 15%to improve its chances of joining the index,” the international news agency stated, citing one of the sources.
A spokesperson at Adnoc declined to comment on the matter, describing it as “market rumours or speculation”, adding that “Adnoc Distribution is currently focused on delivering its business plan and objectives to maximize value for its shareholders.”
