ADNOC completes US$1 billion institutional placement of ADNOC distribution shares

SourceGulf Today
SectorFinancial Markets
CountryUnited Arab Emirates

ADNOC completes US$1 billion institutional placement of ADNOC distribution shares 3 hours ago Picture used for illustrative purpose. File Abu 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. This placement is for Distribution PJSC, ADNOC Distribution, which are listed and traded on the Abu Dhabi Securities Exchange, ADX. This represents 10 per cent of ADNOC Distribution’s total share capital. With this additional 10 per cent placement, valued at US$1 billion, the company’s free float will increase to 20 per cent, 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 ...read more...