The individual subscription of Fertiglobe shares on the Abu Dhabi Securities Exchange is scheduled to end today.
According to Arabiya Net, 114.6 million shares were allocated to individuals, equivalent to 13.8% of the capital.
The subscription process began on Wednesday, October 13, 2021, divided into two tranches, one of which is for individuals, 10% of the offered shares, compared to 90% for qualified investors, which extends until the end of Tuesday. October 19, 2021.
The share price range has been set between 2.45 dirhams and 2.65 dirhams, which makes the market value of the company between 20.2 billion and 22 billion dirhams.
According to the prospectus, the final price of the offering will be announced on Wednesday, October 20, 2021, and the shares will begin trading on the Abu Dhabi Securities Exchange on Wednesday, October 27, 2021.
Fertigglobe, owned by ADNOC and OCI, had signed an agreement with three local and international investment institutions to invest in the offering, and raised its dividend forecast for the second half of the year. 2021 and fiscal year 2022.
Fertigglobe signed an agreement to invest in the offering with Abu Dhabi Pension Fund, Singapore's GIC Sovereign Wealth Fund, and Inclusive Capital Partners, an investment advisory firm. Based in San Francisco, USA.
The combined investment of these institutions in the offering amounts to 847 million dirhams ($231 million).
Fertigglobe has announced the appointment of Jeff Open, founder of Inclusive Capital Partners, to the company's independent board of directors.
In line with the positive market environment, Fertiglobe raised its dividend forecast from 550 million dirhams to at least 735 million dirhams for the second half of 2021, and from 1.156 billion dirhams to at least 1.468 billion dirhams for the fiscal year 2022.
Fertiglobe was established in September 2019 through a strategic partnership between Orascom Investment, with a 58% stake, and ADNOC, with a 42% stake.
After the offering, Egyptian business magnate Nassef Sawiris' OCI will own a controlling stake of about 51%, while ADNOC will own a 36.2% stake.
