PHOTO
An investor looks up at electronic boards displaying stock information at the ADX Abu Dhabi Securities Exchange stock market May 16, 2012. REUTERS/Ben Job
Abu Dhabi National Energy Company, also known as TAQA, now holds 5% of the total issued share capital of ADNOC Gas, the company confirmed on Friday.
The announcement comes as ADNOC Gas confirmed its intention to float on the Abu Dhabi Securities Exchange (ADX).
“The shareholding was received from ADNOC in recognition of the long-standing strategic partnership between the two companies who are working closely to accelerate the energy transition in the UAE,” TAQA said in a disclosure on ADX.
“As a result of their combined efforts, additional gas is being freed up that can be used for local manufacturing and export.”
ADNOC Gas confirmed on Friday its intention to proceed with an initial public offering (IPO) of more than 3 billion of its shares and list on the Abu Dhabi bourse.
In a separate statement, ADNOC confirmed that prior to the offering, it had transferred to TAQA approximately 5% of the company’s share capital.
ADNOC is expected to own approximately 91% of ADNOC Gas’ share capital post-IPO.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
