WATCH VIDEO: Abu Dhabi’s ADNOC beats Saudi’s ARAMCO to the IPO punch
Sultan Ahmed Al Jaber, chief executive officer at ADNOC, Abu Dhabi’s state oil company, speaks exclusively to Bloomberg’s Tracy Alloway on the day the company announced a share sale for its retail fuel stations unit. They spoke at the Abu Dhabi Petroleum Exhibition & Conference (ADIPEC).
“We will go at least 10 per cent of the shares we plan to float on the ADX market,” said Al Jaber. “But we’re not seeking a valuation (of the subsidiary or Adnoc) but rather we want to demonstrate a very unique ability of floating the first of its kind IPO and trying to achieve numbers that show unprecedented commitment from international markets and domestic investors to one of Adnoc’s very important subsidiaries.”
He added that the holding company is trying to maximize value for shareholders while keeping Adnoc wholly owned, and that was the reason why the listing was not going to take place on the holding company level.
“We’re are not floating Adnoc, but we are looking to explore other opportunities across the value chain with a main focus on service companies,” Al Jaber said.