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ADNOC has announced its intention to float a 15% minority stake in ADNOC Logistics & Services (ADNOC L&S), its maritime and logistics business, on the Abu Dhabi Securities Exchange (ADX). The offering is expected to open on May 16, 2023, subject to regulatory approvals.
ADNOC L&S is a key logistics services provider to ADNOC Group possessing one of the largest and most diverse shipping fleets in the region. In addition, the company services over 100 global customers and ships to more than 50 countries, utilising a fleet of more than 500 vessels, including 245 of which are owned.
Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC L&S, stated, “Our planned IPO offers an exciting opportunity to accelerate our growth, supporting ADNOC Group and its ambitious growth strategy, while further expanding the services provided to our customers and exploring new geographical areas and business verticals.”
The company’s strategy for continued growth is underpinned by a US $4-5 billion capital expenditure program in the medium term that will focus on expanding the scope of services provided to ADNOC Group companies, while continuing to focus on decarbonisation efforts that support the energy transition in the UAE.
At the same time, ADNOC L&S is committed to expanding relationships with, and the scope of services provided to, existing and new customers, both in shipping and through the expansion of its integrated logistics services platform. While enlarging its geographic footprint and the scale of its operations, the company is also actively exploring entry into new business sectors.
