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NMDC Group to list energy unit on Abu Dhabi exchange

By Pramod Kumar
NMDC Energy
NMDC Energy won a $255 million EPC contract from Adnoc Gas in July for the new phase of the sales gas pipeline network enhancement programme

The board of NMDC Group has confirmed a decision to list its energy subsidiary on the Abu Dhabi stock exchange.

NMDC Energy will sell a portion through an initial public offering (IPO) after obtaining the green light from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange, according to Abu Dhabi-listed NMDC Group’s filing with the stock exchange on Friday.

Details will be disclosed on approval.

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NMDC Energy was founded by UAE oil giant Adnoc and CCC in 1973 as the National Petroleum Construction Company to boost innovation in the energy sector and drive sustainable growth, according to the company website.  

In July, NMDC Energy won a $255 million engineering, procurement, and construction contract from Adnoc Gas for the next phase of the sales gas pipeline network enhancement programme.

This month, AGBI reported that the money raised in IPOs in the Gulf region soared in the second quarter of the year, with 14 deals worth a total of $2.64 billion struck in the healthcare, education and technology sectors.

Saudi Arabia was the main driver. Its largest deal, a $764 million listing of the Dr Soliman Abdul Kader Fakeeh Hospital Company on the Tadawul stock exchange made up 29 percent of overall IPO proceeds for the region.

The UAE made a strong contribution and its two IPOs contributed 34 percent of the region’s overall proceeds.

The academic and education services provider Alef Education Consultancy listed on the Abu Dhabi Securities Exchange, while the listing of family-owned supermarket business Spinneys raised $375 million on the Dubai Financial Market.

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