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New Straits Times
11-05-2025
- Business
- New Straits Times
KLCI outperforms regional markets with 1.8pct April surge
KUALA LUMPUR: The Kuala Lumpur Composite Index (KLCI) climbed 1.8 per cent to reach 1,540 points in April 2025, outperforming both the Morgan Stanley Capital International (MSCI) Emerging Market Index and the MSCI All Country Asia ex-Japan Index. According to CGS International, within the Asean region, the KLCI outshone Singapore's Straits Times Index (STI), which was the only market to post a decline for the month, dropping 3.5 per cent month-on-month (MoM). Out of the 13 sectoral indices on Bursa Malaysia, five posted gains in April, with telecommunications, consumer, and healthcare emerging as the top three performers, recording MoM increases of 4.9 per cent, 4.2 per cent, and 3.4 per cent, respectively. In contrast, the energy sector was the weakest performer, slumping 9.2 per cent MoM, followed by transport and technology, which fell by 5.3 per cent and 4.7 per cent, respectively. "Out of the 30 KLCI companies, 20 posted share price gains in April 2025, with the three best performers on a mom basis being MR DIY Group (M) Bhd (19.1 per cent), Axiata Group Bhd (17.3 per cent), and Nestle (Malaysia) Bhd (17.1 per cent). "Notably, consumer and telco names made up eight of the top 10 gainers in the KLCI, which we think was due to the market shifting towards names with more domestic exposure that are relatively shielded from global uncertainties," it said. CGS International said Bursa Malaysia's average daily trading value dropped by 17.8 per cent month-on-month (MoM) to RM2.2 billion, while the average daily trading volume declined by 4.5 per cent MoM to three billion units. "We believe the stock market remained jittery and tentative in its trading in April, as President Donald Trump's Liberation Day tariff announcement on April 2 led to the market declining further before recovering as he subsequently announced a 90-day pause on additional tariffs above the baseline 10 per cent rate applicable to all countries. "This likely led to the mom decline in Bursa Malaysia's average trading value and volume, as investors stayed cautious amidst global geopolitics and economic uncertainties," it said. CGS International noted that the KLCI had a turbulent start to 2025, driven by external factors such as the US's restrictions on AI chips and newly re-elected President Trump's aggressive tariff measures. The firm acknowledged the ongoing macroeconomic uncertainties, highlighting that the unpredictability of US trade policy could negatively affect corporate earnings in Malaysia and weigh on overall market sentiment. "Our end-2025 KLCI target is 1,680 points," it added.
ARN News Center
22-02-2025
- Business
- ARN News Center
ADNOC completes $2.84 bn marketed offering of ADNOC Gas shares
Abu Dhabi National Oil Company (ADNOC) announced on Friday the final offer price and successful completion of the marketed offering to institutional investors of 3.1 billion ordinary shares in ADNOC Gas plc. This represents 4 per cent of the issued and outstanding share capital of ADNOC Gas and will increase the company's free float by 80 per cent (to headline 9 per cent). The offering saw exceptional demand from institutional investors in the GCC and internationally, with a total oversubscription of 4.4x and was priced at AED3.40 per share, approximately 43 per cent above the Initial Public Offering (IPO) price of AED2.37 per share, and represents a competitive 5 percent discount to the company's closing share price of AED3.58 on February 20, being the last trading day ahead of the offering. The offering raised gross proceeds of approximately $2.84 billion (equivalent to approximately AED10.4 billion). Settlement of the offering is expected to occur on or around February 26. ADNOC Gas has continued to deliver consistent growth and profitability as evidenced by the company's full year 2024 financial results, generating an adjusted net income of $5 billion (the highest since its IPO), with a net income of $1.38 billion in the fourth quarter of 2024, in each case significantly ahead of the applicable Bloomberg consensus. This strong performance is in line with the company's most recent strategy update (announced in November 2024), outlining ADNOC Gas' refreshed growth pipeline, including the planned future acquisition of Ruwais LNG and its progress in achieving its target of over 40 per cent adjusted EBITDA growth by 2029. ADNOC Group will continue to retain a majority 86 per cent shareholding in the company and has also agreed to a restriction from selling further shares for a period of six months from the closing of the offering, subject to certain exceptions and unless waived by the Joint Global Coordinators. 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 contribute to the diversification of the company's investor base and significantly broaden awareness of its value proposition. BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC and International Securities acted as Joint Global Coordinators and Joint Bookrunners for the offering.
Gulf Today
21-02-2025
- Business
- Gulf Today
Adnoc completes $2.84 billion marketed offering of Adnoc Gas shares
Abu Dhabi National Oil Company (ADNOC) announced today the final offer price and successful completion of the marketed offering to institutional investors of 3.1 billion ordinary shares in ADNOC Gas plc. This represents 4 percent of the issued and outstanding share capital of ADNOC Gas and will increase the company's free float by 80 percent (to headline 9 percent). The offering saw exceptional demand from institutional investors in the GCC and internationally, with a total oversubscription of 4.4x and was priced at Dhs3.40 per share, approximately 43 percent above the Initial Public Offering (IPO) price of Dhs2.37 per share, and represents a competitive 5 percent discount to the company's closing share price of Dhs3.58 on 20th February 2025, being the last trading day ahead of the offering. The offering raised gross proceeds of approximately $2.84 billion (equivalent to approximately Dhs10.4 billion). Settlement of the offering is expected to occur on or around 26th February 2025. ADNOC Gas has continued to deliver consistent growth and profitability as evidenced by the company's full year 2024 financial results, generating an adjusted net income of $5 billion (the highest since its IPO), with a net income of $1.38 billion in the fourth quarter of 2024, in each case significantly ahead of the applicable Bloomberg consensus. This strong performance is in line with the company's most recent strategy update (announced in November 2024), outlining ADNOC Gas' refreshed growth pipeline, including the planned future acquisition of Ruwais LNG and its progress in achieving its target of over 40 percent adjusted EBITDA growth by 2029. ADNOC Group will continue to retain a majority 86 percent shareholding in the company and has also agreed to a restriction from selling further shares for a period of six months from the closing of the offering, subject to certain exceptions and unless waived by the Joint Global Coordinators. 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 contribute to the diversification of the company's investor base and significantly broaden awareness of its value proposition. BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC and International Securities acted as Joint Global Coordinators and Joint Bookrunners for the offering.
Trade Arabia
21-02-2025
- Business
- Trade Arabia
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.
Khaleej Times
20-02-2025
- Business
- Khaleej Times
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.
