ADNOC plans to list 15% stake in logistics unit IPO

Abu Dhabi’s main energy company ADNOC announced on Wednesday its plans to list 15 percent of its logistics and shipping unit in an initial public offering, launching the second listing of one of its businesses this year.

ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement mentioned.

“ADNOC L&S is ideally placed to drive performance, deliver value, and capitalise on both ADNOC’s ambitious growth roadmap and the growing global demand for lower-carbon…,” Khaled Al Zaabi, group chief financial officer at ADNOC said.