ADNOC completes $1 billion institutional placement for distribution business

SourceArab News
SectorEconomy
CountryUnited Arab Emirates

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) Short Url 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 Follow @arabnews 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 ...read more...