The Abu Dhabi National Oil Company, ADNOC, is studying an initial public offering for its logistics, marine and shipping unit, ADNOC Logistics and Services, next year.
According to Arabiya Net, quoting two well-informed sources to Reuters, who asked not to be named because the matter was not public, ADNOC Logistics and Services was chosen for a possible offering in Abu Dhabi in 2022.
ADNOC declined to comment when contacted by Reuters on Sunday.
ADNOC had achieved total revenues of more than 4 billion dirhams upon the final settlement of the shares in the subscription process of ADNOC Drilling, after increasing the number of shares offered in the initial public offering from 1.2 billion to 1.76 billion ordinary shares, at a price of 2.30 dirhams per ordinary share, equivalent to a share 11% of the total capital of ADNOC Drilling.
The offering coverage exceeded several times the target value through a significant increase in demand from individual investors and institutions eligible for subscription, as the total demand for the shares of the public offering amounted to 127 billion dirhams, which is 31 times the target value of the offering.
ADNOC signed an agreement with the Japan Bank for International Cooperation last Thursday, November 18, 2021, in addition to four other banks, to obtain a $3 billion loan.
The statement said that the Bank of Japan will provide 2.1 billion dollars of the loan, while the rest of the loan amount will be provided by Sumitomo Mitsui Banking Group, the Tokyo branch of HSBC Bank, Mizuho Bank and Mitsubishi UFG Financial Group.
