UAE’s ADNOC completes $1bln institutional placement of ADNOC distribution shares

SourceZawya
SectorFinancial Markets
CountryUnited Arab Emirates

Abu Dhabi National Oil Company (ADNOC) has 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 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, the company said in a statement. The placement was priced at 2.95 UAE dirhams per share, which is 18 percent above the IPO price of 2.50 UAE dirhams and represents a 5 percent discount on the company’s 3-month volume weighted average price.Dr. Sultan Ahmed Al Jaber, ADNOC Group CEO, said: "This transaction highlights the attractive nature of ADNOC Distribution to investors, and once ...read more...