Adnoc completes $1b shares placement for its subsidiary

SourceEmirates Business
SectorFinancial Markets
CountryUnited Arab Emirates

Abu Dhabi / WAMAbu Dhabi National Oil Company (Adnoc) announced on Monday that it has successfully completed a placement to institutional investors of 1.25 billion shares in Abu Dhabi National Oil Company for Distribution PJSC, Adnoc Distribution, which are listed and traded on the Abu Dhabi Securities Exchange (ADX). This represents 10 percent of Adnoc Distribution’s total share capital. With this additional 10 percent placement, valued at $1 billion, the company’s free float will increase to 20 percent, contributing to improved liquidity of Adnoc Distribution shares. At the time of Adnoc Distribution’s initial public offering in 2017, Adnoc conveyed its intention to sell more of its shareholding in Adnoc Distribution to increase the stock’s free float and liquidity on the ADX and provide an attractive investment opportunity, while continuing to more...