After increasing the ratio, ADNOC will offer 1,405,714,765 ordinary shares, which is equivalent to 19% of the company’s total issued capital, compared to 1,109,774,817 ordinary shares that the company offered when the subscription was announced, which represents 15% of the total issued. capital of the company.
ADNOC said its decision to increase the size of the offering is based on strong investor demand across all segments and reflects ADNOC’s commitment to providing a favorable trading environment for the company’s shares following the quotation acceptance.
Assuming all shares in the offer are sold, this means the offer value will be approximately $762 million to $769 million (2.80 billion dirhams to 2.83 billion dirhams) . The final offering price is expected to be announced on Thursday.
On this occasion, Khaled Al Zaabi, Chief Financial Officer of ADNOC Group, declared: “We are pleased to announce the increase in the number of shares offered within the framework of the initial public offering of ADNOC Logistics and Services, which is expected to be the second largest this year in the Middle East and North Africa region so far. This represents another outstanding achievement within the ADNOC program for creating and enhancing value. The great demand and demand from investors across all segments, and the broad interest from local, regional players and the global investment community, reflects the strong growth prospects of ADNOC Logistics and Services and its pivotal role in enabling the UAE and Abu Dhabi to provide reliable supplies. The initial public offering of ADNOC Logistics and Services is expected to be the next historic listing in Abu Dhabi. Dhabi, establishing ADNOC’s position as a major catalyst in attracting and attracting a variety of global capital, and promoting the growth and expansion of the local capital market.”
Individual share
ADNOC also decided to increase the size of the first tranche allocated to individuals in the UAE from 9% to 12%, representing 168,685,772 ordinary shares.
The volume of the third tranche of the offering, which represents 3%, is equivalent to 42,171,443 ordinary shares and is intended for employees of ADNOC Group companies residing in the UAE and retired employees of ADNOC Group companies who are citizens and residents of the UAE. .
The remaining 85% of the offering, which represents 1,194,857,550 ordinary shares, has been reserved for investors in the Professional Investor Offering.
The subscription period for the public offering remains unchanged and will continue until May 23 for individuals, and until May 24 for professional investors and other investors in certain countries, including the UAE.
The final offer price for each share will be determined through a price formation process and is expected to be announced on Thursday, May 25.
The offer process and listing acceptance is expected to be completed on Thursday, June 1, subject to favorable market conditions and receipt of relevant regulatory approvals in the United Arab Emirates, including the approval of the Stock Exchange. ‘Abu Dhabi to accept the listing and negotiate the offer. Market shares.
Read the Latest World News Today on The Eastern Herald.
