The Abu Dhabi National Oil Company, ADNOC, has successfully completed the private placement of 1.25 billion shares of ADNOC Distribution.
According to the Emirates News Agency, these shares were sold to investment institutions with a total value of 3.7 billion dirhams, which represents a 10% share of the company's shares, where the sale was carried out. On the price of AED 2.95, which represents an increase of 18% on the share price at the initial public offering, and a discount of 5% on the average share price for the past three months.
This private placement will increase free circulation to 20% and enhance the liquidity of ADNOC Distribution shares. After this transaction, ADNOC will retain an 80% stake in ADNOC Distribution, to remain the largest shareholder in the company with significant growth potential.
This process brings many advantages to ADNOC by capitalizing on strong investor demand for ADNOC Distribution shares, which have recorded a strong performance since the initial public offering of their shares in 2017. The largest deal of its kind in the region for a listed company.
His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, CEO of the Abu Dhabi National Oil Company, ADNOC and its group of companies, said: ADNOC continues to focus on implementing leadership directives to work towards achieving A comprehensive paradigm shift that creates value and builds flexibility in all aspects of its business.
and since the completion of the initial public offering of shares for ADNOC Distribution in 2017, the company has been able to achieve its ambitious goals for growth and provide a range of new services aimed at improving the customer experience, in addition to enhancing Attractive and flexible dividend policy.
ADNOC Distribution shares witnessed great demand from investors thanks to its strong financial results, flexibility and steadfast focus on smart and thoughtful growth, which prompted us to seize the opportunity and respond efficiently and quickly to strong demand by implementing This special offering.
We are confident that the deal announced today will contribute to increasing ADNOC Distribution's liquidity, broadening the investor base, enhancing the attractiveness of the company, and reaffirming the viable investment opportunities provided by ADNOC. And the Emirate of Abu Dhabi and the United Arab Emirates, as this deal provided investors with a unique opportunity to acquire a stake in ADNOC Distribution, cooperate with ADNOC, and invest in a company with a successful track record and strong and stable financial performance with an excellent dividend policy.
His Excellency affirmed that ADNOC Group will continue its supportive role for ADNOC Distribution as the largest shareholder, expressing his confidence that it will continue its successful journey as one of the most important leading companies in ...
