After raising the ratio, ADNOC will offer 1,405,714,765 ordinary shares, which is equivalent to 19 percent of the total issued capital of the company, compared to 1,109,774,817 ordinary shares that the company had offered when announcing the subscription, which represents 15 percent of the total issued capital of the company.
ADNOC said that its decision to increase the size of the offering is based on the great demand from investors in all segments, and reflects ADNOC’s commitment to providing a supportive trading environment for the company’s shares after accepting the listing.
Assuming that all shares in the offering are sold, this means that the value of the offering will be approximately from $762 million to $769 million (2.80 billion dirhams to 2.83 billion dirhams). The final offering price is expected to be announced Thursday.
On this occasion, Khaled Al Zaabi, Chief Financial Officer of ADNOC Group, said: “We are pleased to announce the increase in the number of shares offered in 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.” Which represents another outstanding achievement within the ADNOC program for creating and enhancing value.The great demand and demand from investors from all segments, and the wide interest of the local, regional and 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 It is expected that the initial public offering of ADNOC Logistics and Services will be the next historic listing in Abu Dhabi, establishing ADNOC’s position as a major catalyst for attracting and attracting a variety of global capital, and promoting the growth and expansion of the capital market the local”.
Individual share
ADNOC also decided to increase the size of the first tranche allocated to individuals in the UAE, from 9 percent to 12 percent, representing 168,685,772 ordinary shares.
The volume of the third tranche in the offering, which represents 3 percent, 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 per cent of the offering, which represents 1,194,857,550 ordinary shares, has been reserved for investors in the Professional Investors’ Offering.
The subscription period for the public offering remains unchanged and will continue until May 23 for individuals, and on May 24 for professional investors and other investors in some countries, including the UAE.
The final offer price for each share will be determined through a price building process and is expected to be announced on Thursday, May 25th.
The offering process and acceptance of the listing are expected to be completed on Thursday, June 1, subject to favorable market conditions and obtaining relevant regulatory approvals in the UAE, including the approval of the Abu Dhabi Securities Exchange to accept the listing and trade the Offer Shares in the market.
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