Abu Dhabi National Oil Company (ADNOC), the current majority shareholder of 90 percent of ADNOC Gas’s common shares, said it continues to explore strategic opportunities to drive growth and prioritize maximizing shareholder value, including in ADNOC Gas.
ADNOC affirmed its ongoing commitment to contributing to the enhancement of the capital market in Abu Dhabi while achieving sustainable returns for investors through its portfolio of listed companies.
This came in response to what Bloomberg reported that the UAE's ADNOC is considering selling an additional 3 to 5 percent of ADNOC Gas shares, which are currently traded on the Abu Dhabi Securities Exchange.
The company said in its statement that it had followed recent media reports about a potential deal in the financial market related to ADNOC Gas.
ADNOC explained that ADNOC Gas has significant potential for value creation, which could be further enhanced by expanding its listing on financial markets, which would contribute to enhancing liquidity and diversifying the shareholder base. This would require an increase in the free float of shares compared to current market capitalization levels. No decision has been taken to date on the sale of additional shares, including the timing or size of such a sale.
ADNOC will provide further information on this matter in due course, the statement said.
