Latest news with #KhaledAlZaabi
Zawya
21-02-2025
- Business
- Zawya
ADNOC successfully completes $2.84bln marketed offering of ADNOC gas shares
Sale of approximately 3.1 billion shares priced at AED 3.40 each, representing 4% of ADNOC Gas' total share capital (the 'Offering') ADNOC retains majority 86% stake in ADNOC Gas and welcomes a new diversified shareholder base to partake in next phase of the Company's growth Successful Offering increases ADNOC Gas' free float by 80%, enhancing liquidity and providing a clear pathway for MSCI and FTSE indexation Abu Dhabi, UAE: Abu Dhabi National Oil Company (ADNOC) PJSC ('ADNOC'), announced today the final offer price and successful completion of the marketed offering (the 'Offering') to institutional investors of 3.1 billion ordinary shares in ADNOC Gas plc ('ADNOC Gas' or the 'Company') (ADX Symbol: ADNOCGAS / ISIN: AEE01195A234). This represents 4% of the issued and outstanding share capital of ADNOC Gas and will increase the Company's free float by 80% (to headline 9%). The Offering saw exceptional demand from institutional investors in the GCC and internationally, with a total oversubscription of 4.4x and was priced at AED 3.40 per share, approximately 43% above the Initial Public Offering ( 'IPO') price of AED 2.37 per share, and represents a competitive 5% discount to the Company's closing share price of AED 3.58 on 20 February 2025, being the last trading day ahead of the Offering. The Offering raised gross proceeds of approximately $2.84 billion (equivalent to approximately AED 10.4 billion). Settlement of the Offering is expected to occur on or around 26 February 2025. ADNOC Gas has continued to deliver consistent growth and profitability as evidenced by the Company's full year 2024 financial results, generating 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% adjusted EBITDA growth by 2029. ADNOC Group will continue to retain a majority 86% shareholding in the Company and has also agreed to a restriction from selling further shares for a period of six months from closing of the Offering, subject to certain exceptions and unless waived by the Joint Global Coordinators (as defined below). Khaled Al Zaabi, Group Chief Financial Officer at ADNOC, said: 'ADNOC is proud to have completed the first-ever marketed offering in the UAE and the largest placement on the ADX to date. The exceptional demand and competitive discount provided by the international and domestic investor community reflects the strong confidence in ADNOC Gas' track record and growth prospects. As a dedicated, long-term majority shareholder, ADNOC will continue to support ADNOC Gas, which is integral to Abu Dhabi and ADNOC's decarbonization and growth ambitions. We extend a warm welcome to our new investors in ADNOC Gas, as the company continues to create value for its broader shareholder base, providing enhanced liquidity and indexation related catalysts.' 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. About ADNOC ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC's objective is to maximize the value of the Emirate's vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates' economic growth and diversification. To find out more, visit: For media enquiries, please contact media@ For investor relations enquiries, please contact IR@ About ADNOC Gas *ADNOC Gas which refers to ADNOC Gas Plc and its subsidiaries (ADX: ADNOCGAS), listed on the ADX (ADX symbol: 'ADNOCGAS' / ISIN: 'AEE01195A234'), is a world-class, large-scale integrated gas processing company. It operates across the gas value chain, from receipt of feedstock from ADNOC (through large, long-life operations for gas processing and fractionation) to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over twenty countries. To find out more, visit:
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.
Gulf Business
21-02-2025
- Business
- Gulf Business
ADNOC Gas boosts liquidity with $2.84bn offering on ADX
IMage: Christopher Pike/Bloomberg via Getty Images The Abu Dhabi National Oil Company (ADNOC) has completed the marketed offering of 3.1 billion ordinary shares in ADNOC Gas, raising approximately $2.84bn (equivalent to Dhs10.4bn). This offering, which represents 4 per cent of ADNOC Gas' total share capital, saw exceptional demand from institutional investors in the GCC and internationally, with a total oversubscription of 4.4x. The shares were priced at Dhs3.40 each, representing a 43 per cent premium over the initial public offering (IPO) price of Dhs2.37 per share. The price is also a 5 per cent discount to ADNOC Gas' closing share price of Dhs3.58 on February 20, the last trading day ahead of the offering. ADNOC Gas offering is the largest placement on ADX so far The offering marks the largest placement on the Abu Dhabi Securities Exchange (ADX) to date and increases ADNOC Gas' free float by 80 per cent, bringing its free float to 9 per cent. Khaled Al Zaabi, group CFO at ADNOC, said: 'ADNOC is proud to have completed the first-ever marketed offering in the UAE and the largest placement on the ADX to date. The exceptional demand and competitive discount provided by the international and domestic investor community reflect the strong confidence in Strong financial performance The offering attracted significant investor interest, reflecting confidence in the company's growth trajectory and its strong financial performance. For the full year 2024, ADNOC Gas' strong performance is aligned with the company's refreshed growth pipeline, which was outlined in November 2024. This includes the planned acquisition of Ruwais LNG and a target of over 40 per cent adjusted EBITDA growth by 2029. ADNOC Group will retain an 86 per cent majority shareholding in the company and has agreed to a six-month lock-up period, preventing the sale of further shares, subject to certain exceptions. The offering's success is expected to increase the company's liquidity and potentially provide a pathway for its inclusion in the MSCI Emerging Market Index and FTSE Emerging Market Index at the next quarterly review, subject to meeting the inclusion criteria. This inclusion could further diversify the company's investor base and raise its profile globally. BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities acted as joint Global coordinators and joint bookrunners for the offering.
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.
The National
20-02-2025
- Business
- The National
Adnoc plans to sell 4% stake in Adnoc Gas to raise capital
Business Energy At Adnoc Gas's last closing price of Dh3.58, the offering is valued at $3.02 billion Adnoc, the top shareholder in Adnoc Gas, has said it plans to sell part of its stake in the subsidiary to institutional investors as it looks to improve liquidity and raise capital. The Abu Dhabi-based energy company will offer about 3.1 billion ordinary shares, representing about 4 per cent of Adnoc Gas's issued and outstanding shares, Adnoc said on Thursday. At Adnoc Gas's last closing price of Dh3.58, the offering is valued at Dh11.1 billion ($3.02 billion), making it potentially the largest share sale in the Mena region since Saudi Aramco's $12.3 billion offering in June last year. The offering, which will commence immediately and is expected to close on Friday, will be open to qualified institutional and other investors in a number of countries, Adnoc said. The company, which owns a 90 per cent stake in Adnoc Gas, said it could decide to close the offering at any time before the stated deadline. 'Since its initial public offering in March 2023, Adnoc Gas has consistently delivered strong growth, robust financial performance and superior shareholder returns,' said Khaled Al Zaabi, group chief financial officer at Adnoc. '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." The final number of shares to be placed and the offering price will be determined at the close of the book-building process and the proceeds will go to Adnoc. The share offering aims to boost trading and liquidity, diversify shareholders and increase free float. A higher free float is also expected to "provide a pathway" for Adnoc Gas's inclusion in the Morgan Stanley Capital International (MSCI) and Financial Times Stock Exchange (FTSE) emerging market indexes, which could occur at the next quarterly review, subject to Adnoc Gas meeting all relevant inclusion criteria, Adnoc said. Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, is looking to boost exports of products such as liquefied natural gas, liquefied petroleum gas and naphtha. In the Emirates, Adnoc Gas supplies to customers, mostly utilities and industrial companies, through an extensive network of pipelines. The company is set to acquire Adnoc's majority stake in the Ruwais LNG project, which will have a total capacity of 9.6 million tonnes per annum. It is scheduled to start in the second half of 2028. In 2023, Adnoc raised about Dh9.1 billion from the sale of a 5 per cent stake in Adnoc Gas, which was the UAE's biggest IPO that year. The company sold more than 3.8 billion shares, with the IPO drawing strong demand from institutional and retail investors, and generating more than $124 billion in orders. It was about 50 times oversubscribed. Last year, Adnoc raised $935 million by selling 880 million additional shares in its drilling unit – Adnoc Drilling – to institutional investors after recording strong demand for the offering.
