- The State energy company Adnoc announced that it will IPO approximately 4% of its gas processing and marketing business. The subscription period for these 3 billion shares is expected to run between 23rd February and 1st March, with the listing expected on 13th March.
- Adnoc Gas will pay dividends of $1.6B in the fourth quarter of 2023, and a further $1.6B in the second quarter of 2024. Thereafter, Adnoc Gas expects to grow its annual dividend amount by 5%. This IPO will enable Adnoc to effectively manage and optimize its portfolio of assets while highlighting the company profile internationally.
Why it matters
Adnoc Gas holds a commanding presence in the UAE's natural gas reserves, estimated to be the seventh largest globally, with access to 95% of them. Additionally, the company is responsible for supplying over 60% of the nation's gas requirements, as stated in its IPO prospectus. This IPO is a part of the Adnoc Group’s 2030 integrated strategy, which aims to increase gas capacity and low-carbon or renewable energy production.