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ADNOC to float 4% of its gas business in IPO - statement

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ADNOC will sell 4% of it gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday.

ADNOC Gas's offering is set to be open from Feb. 23 to March 2 for institutional investors, while retail investors can subscribe until March 1, according to the notice in the National newspaper and the statement.

ADNOC holds a 95% stake in ADNOC Gas, and prior to the offering, it transferred 5% of the share capital of ADNOC GAS to Abu Dhabi National Energy Company.Should the deal go through, ADNOC Gas expects to target payments of dividends of $1.625 billion in the fourth quarter of this year for the first half of 2023, according to a ADNOC Gas intention to float document emailed on Friday.

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