Abu Dhabi, UAE – Abu Dhabi National Distribution Company – ADNOC Distribution, announced the conclusion of a final agreement with the Riatel Group. It requires the latter to acquire a minority stake in Shell Downstream South Africa. This follows the completion of the acquisition deal proposed by ADNOC Distribution of the company from «Shell South Africa Holding».
The company indicated in a disclosure to the Abu Dhabi Securities Market that the completion of the proposed acquisition is still subject to obtaining the usual regulatory approvals. Fulfilling the previous conditions for completion and other closing conditions.
Under the partnership with Riatel Group, ADNOC Distribution affirmed its commitment to supporting comprehensive economic empowerment policies in South Africa. Contributing to the UAE’s long-term economic priorities. Including enhancing local participation, energy security, job creation and achieving sustainable value.
Riatel Group is a diversified investment holding company focused on contributing to addressing energy challenges in Africa. It has a portfolio of investments in the sector. In addition to partnerships with a number of energy companies in South Africa and globally.
