Adnoc to offer 3.1bn shares of Adnoc Gas in Marketed Offering
Abu Dhabi National Oil Company (Adnoc), the current majority shareholder of 90% of the ordinary shares in Adnoc Gas, has announced its intention to offer approximately 3.1 billion of the issued and outstanding share capital of Adnoc Gas.
This represents 4% of the issued and outstanding share capital of Adnoc Gas.
The Offering will be open to qualified institutional and other investors in a number of countries, including the UAE, said a statwement from Adnoc.
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, it stated.
All of the shares are being offered by Adnoc which, prior to the Offering, holds approximately 90% of the share capital of the company.
The final number of shares to be placed and the Offering price will be determined at the close of the bookbuild process in accordance with the Block Trade Rules of the Abu Dhabi Securities Exchange (ADX).
Final terms of the Offering are expected to be announced following the completion of the bookbuilding process for the Offering. The net proceeds generated by the Offering will be received by Adnoc.
All expenses of the Offering will be borne by Adnoc. Accordingly, Adnoc Gas will not receive any proceeds from the Offering, and the Offering will not result in any dilution of the shares of the Company or for shares held by other shareholders in the Company.
Adnioc said the Offering will commence immediately and is expected to close on February 21, subject to acceleration of closing at Adnoc's sole discretion.
It 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.
In relation to the Offering, Adnoc Gas may hold a series of meetings with institutional investors ahead of the closing of the Offering.
On the IPO launch, Adnoc Group Chief Financial Officer Khaled Al Zaabi said: "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," stated Al Zaabi.
"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 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.
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