UAE oil giant completes $1bn institutional placement of shares in its distribution unit

UAE oil giant completes $1bn institutional placement of shares in its distribution unit

ABU DHABI — 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 for Distribution, 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,