Abu Dhabi National Oil Co (ADNOC) is selling a 15 per cent stake in its logistics and shipping unit in an IPO, its second business to be hived off this year. The state-owned company will sell 1,109,774,817 shares representing 15 per cent of ADNOC L&S’ total issued share capital, as per a company statement. Captain Abdulkareem Al Masabi, CEO, ADNOC L&S, said “Our planned IPO offers an opportunity to accelerate growth, supporting ADNOC Group with its ambitious growth strategy, while expanding the services provided to customers and exploring new geographical areas and business verticals.” Subscription to the IPO is set to begin on 16 May when the company will announce the price range with final pricing set for 25 May. Shares in ADNOC Logistics are expected to begin trading June 1, the statement stated.
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