Dragon Oil, the investment arm of Emirates National Oil Company (ENOC), announced plans to list its shares on the Dubai Financial Market (DFM) soon, its CEO has said.
Speaking at a press conference on Wednesday ahead of the second round of the Gas & Technology Showcase and Conference (GOTECH), Dragon Oil CEO Ali Rashid Al Jarwan revealed that the company was considering a DFM listing to enhance the value of its investments and diversify its financing options.
Dragon Oil has no plans to sell a stake to a single investor, Al Khaleej newspaper reported, citing the top official as saying. This is opposed to what ENOC had done when it acquired a 46% stake in Dragon Oil.
Jarwan further stated that his company had ambitious plans to buy assets worth AED 2 billion in 2019.
He did not give an expected time frame for the potential listing.
Earlier in October, ENOC announced signing a memorandum of understanding (MoU) with Enemed, the state-owned fuel distributor and supplier in Malta, with the purpose of strengthening cooperation for capital projects in Malta and other international markets.
GOTECH is slated to take place at the Dubai World Trade Centre (DWTC) from 23 until 25 October 2018.