RIYADH: Abu Dhabi National Oil Co. and chemical producer OCI have hired banks for a potential listing of their fertilizer joint venture, in what could be one of the largest offerings in the UAE in recent years, Bloomberg reported.
Morgan Stanley, Citigroup, HSBC and First Abu Dhabi Bank were appointed as advisers for the listing in Abu Dhabi, the news wire reported citing people familiar with the project who did not want to be identified because the matter was private.
The company could be valued at $7 billion, they said.
Fertiglobe is the largest seaborne exporter of nitrogen fertilizers globally, and the largest nitrogen producer in the MENA region. It has plants in the UAE, Egypt and Algeria, with production capacity of 5 million tons of urea and 1.5 million tons of saleable ammonia annually.
Headquartered in Abu Dhabi, Fertiglobe is a joint venture between OCI and ADNOC, which own 58 percent and 42 percent respectively.
Abu Dhabi’s Adnoc and OCI said to hire banks for Fertiglobe IPO
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Abu Dhabi’s Adnoc and OCI said to hire banks for Fertiglobe IPO
- Morgan Stanley, Citigroup, HSBC and First Abu Dhabi Bank were appointed as advisers for the listing in Abu Dhabi
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
