ADNOC successfully completes $1bn institutional placement of ADNOC Distribution shares

SourceArabian Industry
SectorFinancial Markets
CountryUnited Arab Emirates

ADNOC announced that it has successfully completed a placement to institutional investors of 1.25 billion shares in ADNOC Distribution, which are listed and traded on the Abu Dhabi Securities Exchange (ADX). This represents 10% of ADNOC Distribution’s total share capital. With this additional 10% placement, valued at $1bn, the company’s free float will increase to 20%, 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 hold a majority strategic stake in the company. This transaction is part of ADNOC’s stated more...