The state controlled oil producer Abu Dhabi National Energy Co had planned to undertake an initial public offer of its unit located in Morocco. The move is seen as a consolidation of its assets to expand its output locally, as confirmed by five other individuals with knowledge of the transaction.
The energy firm met with Attijariwafa Bank, the Banque Centrale Populare and Societe Generale SA for the listing projected to be worth UAD1.7 billion or USD205 million. The company also met with Moroccan regulators on its plans for the IPO of its subsidiary, Jorf Lasfar Energy Co. According to the individuals who sought anonymity as the information was not made public, there was no time frame or schedule provided for the IPO sale.
The said listing is expected to be the largest IPO done on the Casablanca stock exchange. The previous biggest listing done was when Alliances Development Immobiier had raised UAD2 billion back in July 2008.
The board of the Abu Dhabi National Energy Corp, or publicly known as Taqa, still has yet to approve the plan and the timing would depend on existing market conditions at the Casablanca bourse. Amongst the banks invited for the IPO were SocGen and Banque Populaire.
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