Abu Dhabi National Oil Company (ADNOC) is considering a secondary listing for its subsidiary ADNOC Distribution overseas, three sources told Reuters. In 2017, ADNOC listed 10% of ADNOC Distribution on the Abu Dhabi Securities Exchange. Reuters reported last June that ADNOC was considering selling another 10% stake in its fuel distribution business. ADNOC Distribution was seeking a minimum free float of 15% to improve its chances of joining the MSCI Emerging Markets Index and attract more international investors, a source told Reuters at the time. One of the sources said ADNOC was considering listing ADNOC Distribution on New York’s Nasdaq exchange, while a second source added that a London listing had also been discussed. The company started discussing an international listing “a while ago,” said one of the sources, adding that there was no imminent plan to proceed with the transaction. 
 
ADNOC Distribution (AD): AED2.50 as of 4 Apr. 2019, Rating: Buy, TP: AED3.20/share, MCap: USD8,345mn, ADNOCDIS UH/ADNO.AD