The businesses included in the transfer 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, via 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 total stake in Borouge Group Worldwide (BGI) – the corporate that can be fashioned after the deliberate mixture of Borouge plc and Borealis AG (Borealis) upon receipt of regulatory approvals, in addition to the acquisition of NOVA Chemical substances – can even be transferred to and held by XRG.
ADNOC will proceed to retain management and supreme possession of the listed firms via its 100 per cent shareholding of XRG.
The inner administrative share transfers could have no affect on the day-to-day operations, management groups, or strategic course 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 a press release, ADNOC stated: “These inside transfers will additional strengthen XRG’s dimension and monetary place, and drive its long-term improvement, via entry to steady and enticing dividend streams, supported by the listed firms’ current disciplined progress 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 out to be a transformative worldwide vitality funding firm, targeted on pure fuel, chemical compounds and scalable vitality options to assist energy AI and trade globally.