(Bloomberg) -- Abu Dhabi’s main energy company said significant value in its natural gas unit can be unlocked with an additional share sale.
The statement follows a Bloomberg News report last week that Abu Dhabi National Oil Co. is weighing plans to sell an additional 3% to 5% in Adnoc Gas Plc, which at the top end would help raise just over $3.5 billion based on Friday’s closing price. Adnoc Gas’ value can be enhanced by inclusion in wider market indexes and with a broader shareholder base, Adnoc said Monday.
The company has not taken any decision on a share offering, including the timing or size of such a sale, it said.
Adnoc Gas went public in 2023 and its shares have since risen just shy of 50%. Earlier this year, Adnoc sold down a stake in its drilling unit in a move that analysts said could trigger significant inflows from passive investors.
A deal in Adnoc Gas would come at a busy period for shares sales in the UAE. Hypermarket chain Lulu Retail raised $1.7 billion in an Abu Dhabi offering last month and Delivery Hero SE’s Middle East unit, Talabat, is working on a $1.5 billion Dubai initial public offering.
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