Adnoc to offer approximately 880 million shares of Adnoc Drilling

Adnoc to offer approximately 880 million shares of Adnoc Drilling

Published: Wed 22 May 2024, 6:41 PM Last updated: Wed 22 May 2024, 6:42 PM

Abu Dhabi National Oil Company (Adnoc) announced on Wednesday its intention to offer approximately 880 million ordinary shares, corresponding to approximately 5.5 per cent of the issued and outstanding share capital of Adnoc Drilling, through a bookbuild offering.

The offering is open only to professional investors as defined by the UAE Securities and Commodities Authority.

The bookbuilding period will begin immediately and is expected to close on Thursday, subject to acceleration. The final number of shares to be placed and the offering price will be determined at the close of the bookbuild process. Final terms of the offering are expected to be announced after the completion of the bookbuilding process.

The offering will consist exclusively of shares held by Adnoc and allows Adnoc to sell a further stake in Adnoc Drilling to enhance liquidity and trading in the company’s ordinary shares and diversify its shareholder base. A higher free float is also expected to provide a pathway towards inclusion in the Morgan Stanley Capital International (MSCI) Emerging Market Index, which may take place at the next quarterly review subject to Adnoc Drilling meeting all the relevant inclusion criteria. MSCI