And the Abu Dhabi market announced, in a circular on Wednesday, that the shares of “ADNOC” for supplies and services will be listed, starting tomorrow, Thursday, provided that they are in the first market, the first category.
Offering a minority stake representing 19 percent of the company’s issued shares, after increasing it from 15 percent to meet the large demand from investors, at a final price of 2.01 dirhams per ordinary share, achieved total revenues upon settlement of about 2.83 billion dirhams for ADNOC.
The offering of ADNOC Logistics and Services witnessed an exceptional demand, making it the highest request for a public subscription in the world this year, as it witnessed a great demand from individuals and professional investors in the UAE, amounting in total to more than 460 billion dirhams, exceeding the target value by 163 times and achieving the highest. A level to exceed the all-time value target for building a price for an IPO in the UAE.
ADNOC Logistics and Services is the sixth company in which ADNOC has offered a minority stake in the Abu Dhabi Stock Exchange over the past five years, and comes after the successful IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe and Borouge. and ADNOC Gas, which reinforces ADNOC’s pivotal role as a major catalyst for the diversification and growth of financial markets in the UAE and Abu Dhabi, and consolidates the country’s position as a preferred destination for global capital.
ADNOC Logistics and Services is implementing a strategy aimed at expanding its business scope based on a medium-term program to increase capital expenditures amounting to 18.36 billion dirhams, which provides investors with attractive and important growth opportunities.
ADNOC Logistics and Services aims to pay attractive dividends of 716 million dirhams for the second quarter and second half of 2023, equivalent to an annual dividend of $260 million; The company then expects to increase its dividend by 5% annually over the medium term.
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