Dubai: A decision on selling an additional stake in ADNOC Gas has not been taken, according to the UAE energy company ADNOC, which owns 90% in the gas subsidiary.
"At this time, no decision has been taken, including the timing or sizing of such a sale," the statement added. ADNOC was reacting to media reports suggesting that a potential follow on stock offer for ADNOC Gas was in the offing.
"ADNOC sees significant value creation potential in ADNOC Gas, which could be further enhanced by broader indexation, driving liquidity and shareholder base diversification," the statement said. "This would require a higher free float at current market capitalization levels."
It was March 2023 that ADNOC Gas went through its IPO, at Dh2.37 a share, implying a market cap on listing of around Dh182 billion. It is currently trading at Dh3.48 with a market cap of Dh267 billion. (As of now, 97.72% of its stock is with UAE nationals.)
"ADNOC continuously explores strategic opportunities to drive further growth, prioritize shareholder value - including in ADNOC Gas - and reiterates its ongoing commitment to enhance the Abu Dhabi equity capital market while generating sustainable returns for investors across its listed portfolio."
