UAE: Adnoc to offer 3.1 billion shares of Adnoc Gas through marketed offering
Abu Dhabi National Oil Company, the current majority shareholder of 90% of the ordinary shares in Adnoc Gas plc, on Thursday announced its intention to offer approximately 3.1 billion shares through a Marketed Offering.
According to the Offering, 3,070,056,880 shares are being made available, representing 4% of the issued and outstanding share capital of Adnoc Gas. The Offering will commence immediately and is expected to close on Friday, February 21, subject to acceleration of closing at ADNOC's sole discretion.
The Offering will be subject to a customary 180-day lock-up for Adnoc and Adnoc Gas respectively, subject to certain exceptions and unless waived by the Joint Global Coordinators (as defined below).
In relation to the Offering, ADNOC Gas may hold a series of meetings with institutional investors ahead of the closing of the Offering.
'Since its IPO in March 2023, Adnoc Gas has consistently delivered strong growth, robust financial performance and superior shareholder returns. As a world-class integrated gas processing company, Adnoc Gas is ideally positioned for further expansion as the company will continue to supply a majority of the domestic market, while pursuing an ambitious growth strategy," Khaled Al Zaabi, Group Chief Financial Officer at Adnoc, said.
"As a committed, long-term majority shareholder, this Offering aligns with Adnoc's strategic objectives to enhance the liquidity and free float of Adnoc Gas, while providing a pathway to a more diversified shareholder base and indexation through this secondary placement,' he added.
The Offering will be open to qualified institutional and other investors in a number of countries, including the UAE. The Offering is open only to Professional Investors as defined by the UAE Securities and Commodities Authority (SCA) and will not be available to the public in the UAE or any other jurisdiction.
The Offering is being conducted to enhance trading and liquidity in Adnoc Gas' ordinary shares and diversify its shareholder base. A higher free float is also expected to provide a pathway towards inclusion in the Morgan Stanley Capital International (MSCI) Emerging Market Index and the Financial Times Stock Exchange (FTSE) Emerging Market Index, which may take place at the next quarterly review subject to Adnoc Gas meeting all the relevant inclusion criteria. Index inclusion of ADNOC Gas would further contribute to the diversification of the Company's investor base and significantly broaden awareness of its value proposition within the international investment community.
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