The businesses included within the switch are Abu Dhabi Nationwide Oil Firm for Distribution (ADNOC Distribution), ADNOC Drilling Firm, ADNOC Fuel and ADNOC Logistics and Companies.
The switch of ADNOC’s majority shareholdings in ADNOC Distribution, ADNOC Fuel, and ADNOC Logistics & Companies was effected on Thursday, by an off-market switch on the ADX, with the share switch of ADNOC Drilling to happen following regulatory approvals.
ADNOC internally transfers shares to XRG
ADNOC’s complete stake in Borouge Group Worldwide (BGI) – the corporate that will likely be shaped after the deliberate mixture of Borouge plc and Borealis AG (Borealis) upon receipt of regulatory approvals, in addition to the acquisition of NOVA Chemical compounds – may also be transferred to and held by XRG.
ADNOC will proceed to retain management and supreme possession of the listed firms by its 100 per cent shareholding of XRG.
The inner administrative share transfers may have no impression on the day-to-day operations, management groups, or strategic route of the listed firms.
The dividend insurance policies of the listed firms additionally stay unchanged, according to ADNOC’s observe file of delivering predictable and sustainable returns.
In an announcement, ADNOC stated: “These inner transfers will additional strengthen XRG’s measurement and monetary place, and drive its long-term improvement, by entry to steady and enticing dividend streams, supported by the listed firms’ current disciplined development and capital return agendas.”
The listed firms’ capital allocation frameworks, indebtedness targets and M&A methods stay unchanged.
Launched in November 2024, XRG is wholly owned by ADNOC and goals to turn into a transformative worldwide vitality funding firm, targeted on pure fuel, chemical compounds and scalable vitality options to assist energy AI and trade globally.
