ADNOC completes $1 billion institutional placement for distribution business

ADNOC completes $1 billion institutional placement for distribution business

ADNOC completes $1 billion institutional placement for distribution business

ADNOC completes $1 billion institutional placement for distribution business

ADNOC had been considering selling a bigger stake in its fuel distribution business. (Reuters)

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ADNOC completes $1 billion institutional placement for distribution business

The placement will increase ADNOC Distribution's free float to 20 percent

ADNOC had been considering selling a bigger stake in its fuel distribution business

Updated 14 September 2020

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DUBAI: State-run Abu Dhabi National Oil Company (ADNOC) said on Monday it had completed a placement to institutional investors of 10 percent in its subsidiary ADNOC Distribution's total share capital, or 1.25 billion shares, valued at $1 billion.

The placement will increase ADNOC Distribution's free float to 20 percent, and contribute to improved liquidity of the company, ADNOC said in a statement. ADNOC will retain an 80