{"id":581667,"date":"2023-02-19T00:00:00","date_gmt":"2023-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/adnoc-gas-on-course-to-be-one-of-the-worlds-largest-listed-gas-firms\/"},"modified":"2023-02-19T00:00:00","modified_gmt":"2023-02-19T00:00:00","slug":"adnoc-gas-on-course-to-be-one-of-the-worlds-largest-listed-gas-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/adnoc-gas-on-course-to-be-one-of-the-worlds-largest-listed-gas-firms\/","title":{"rendered":"Adnoc Gas on course to be one of the world\u2019s largest listed gas firms"},"content":{"rendered":"

<\/p>\n

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<\/p>\n

<\/span>Adnoc Gas is set to raise some USD 2 bn in its upcoming IPO<\/span>, valuing the company <\/span>at USD 50 bn and making it <\/span>one of t<\/span>he world\u2019s largest<\/span> listed gas compan<\/span>ies, <\/span>Bloomberg<\/a><\/span> reports, citing sources close to the transaction. <\/span>The natural gas arm of the UAE\u2019s national energy company will sell some 4% (3 bn shares) to investors, according to an <\/span>announcement (pdf)<\/a><\/span>. The IPO\u2019s offer period kicks off next Thursday, 23 February, with shares set to hit the ADX on 13 March<\/span>. It will mark the first major listing in the Gulf in 2023, after last year\u2019s <\/span>red-hot market<\/a><\/span> saw the region raise almost USD 23 bn, according to Bloomberg.<\/span><\/p>\n

Another bad week for the S&P 500:<\/span> Investors continued to ditch US stocks in fear that <\/span>the Federal Reserve will continue to raise rates, pushing the benchmark S&P 500 index to record its second consecutive week of losses, the <\/span>Financial Times wrote<\/a><\/span>. <\/span>The index slipped 0.3% on Friday, for a net loss of 0.3% for the week<\/span>, as a rally that began in the new year continued to lose steam. <\/span><\/p>\n

A return to bigger rate hikes from the Fed? <\/span>A number of officials at the US Fed last week threw their weight behind maintaining a hawkish stance to raise rates by 50 bps when it next meets on 21-22 March, on the back of strong jobs data and persistently high inflation. The US central bank in January <\/span>hiked rates by 2<\/a><\/span>5 b<\/a><\/span>ps<\/a><\/span> \u2014 a comparatively smaller increase \u2014 to a target range of 4.5-4.75%.<\/span><\/p>\n

ALSO WORTH NOTING:<\/span> <\/span>PIF becomes Nintendo\u2019s largest outside shareholder:<\/span> T<\/span>he <\/span>Saudi <\/span>wealth fund in<\/span>creased its stake in Japanese gaming company Nintendo to 8.3%, becoming the company\u2019s biggest outside shareholder after Nintendo\u2019s own holding, according to <\/span>Bloomberg<\/a><\/span>.<\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,489<\/span><\/p>\n<\/td>\n

\n

-0.2% (YTD: +19.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.51<\/span><\/p>\n<\/td>\n

\n

Sell 30.60<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.52<\/span><\/p>\n<\/td>\n

\n

Sell 30.62<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

16.25% deposit<\/span><\/p>\n<\/td>\n

\n

17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

10,548<\/span><\/p>\n<\/td>\n

\n

-0.2% (YTD: +0.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,977<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,458<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: +3.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,079<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

8,004<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +7.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,275<\/span><\/p>\n<\/td>\n

\n

-0.5% (YTD: +12.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 83.00<\/span><\/p>\n<\/td>\n

\n

-2.5%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.28<\/span><\/p>\n<\/td>\n

\n

-4.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,850.20<\/span><\/p>\n<\/td>\n

\n

-0.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 24,620<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +49.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 fell 0.2% at Thursday\u2019s close<\/span> on turnover of EGP 2.5 bn (29.8% above the 90-day <\/span>average). Foreign investors were net sellers. The index is up 19.8% YTD.<\/span><\/p>\n

In the green: <\/span>Alexandria Mineral Oils Company (+7.3%), Elsewedy Electric (+5.9%) and Qalaa Holdings (+3.8%).<\/span><\/p>\n

In the red: <\/span>Rameda Pharma (-2.7%), Juhayna (-1.8%) and Telecom Egypt (-1.7%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc Gas is set to raise some USD 2 bn in its upcoming IPO, valuing the company at USD 50 bn and making it one of the world\u2019s largest listed gas companies, Bloomberg reports, citing sources close to the transaction. The natural gas arm of the UAE\u2019s national energy company will sell some 4% (3 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1703,102,72,119,463,78,1389,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581667","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adnoc","tag-capital-markets","tag-enterpriseam","tag-financial-markets","tag-gaming","tag-ipo-watch","tag-pif","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a73a9486-d9e6-43d4-9adf-4965396fde5c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg,https:\/\/download.efghermesone.com\/","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581645],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.129775cc-a20e-4e86-94e7-ffc5c6fe8cf0.mp3"},"yoast_head":"\nAdnoc Gas on course to be one of the world\u2019s largest listed gas firms - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/adnoc-gas-on-course-to-be-one-of-the-worlds-largest-listed-gas-firms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adnoc Gas on course to be one of the world\u2019s largest listed gas firms\" \/>\n<meta property=\"og:description\" content=\"Adnoc Gas is set to raise some USD 2 bn in its upcoming IPO, valuing the company at USD 50 bn and making it one of the world\u2019s largest listed gas companies, Bloomberg reports, citing sources close to the transaction. 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Some USD 850 mn was committed by cornerstone investors including Abu Dhabi state-linked\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584859,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/another-big-ipo-in-the-pipeline-for-uaes-adnoc\/","url_meta":{"origin":581667,"position":1},"title":"Another big IPO in the pipeline for UAE\u2019s Adnoc","author":"enterpriseam admin","date":"6 April 2023","format":false,"excerpt":"The company could go to market as soon as May","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582000,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/adnoc-ups-gas-unit-ipo-on-heavy-investor-demand\/","url_meta":{"origin":581667,"position":2},"title":"Adnoc ups gas unit IPO on heavy investor demand","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"Abu Dhabi IPO WATCH: Adnoc\u2019s natural gas arm will now offer close to a 5% stake in its IPO in Abu Dhabi after it covered its orderbook within hours last week. 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