June 6, 2023

Dubai Week

Complete Dubai News World

“ADNOC Supply” has set a record of over 460 billion dirhams.

Yesterday, ADNOC announced that it has completed the pricing process of ADNOC Logistics and Services plc, which achieved the offer of a minority stake representing 19% of the company’s shares on offer, after being increased from 15%. There was strong demand from investors at the closing price of 2.01 dirhams per ordinary share, a settlement of 2.83 billion dirhams for ADNOC.

The offering of “ADNOC Supply” has seen an exceptional demand, making it the highest demand for public subscription in the world in the current year, after witnessing a huge demand from individuals and professional investors in the UAE, which is higher overall. 460 billion dirhams, exceeding the total target value. 163 times, which is higher than the target value of building price for IPO in UAE.

ADNOC Group Chief Financial Officer Khaled Al Zaabi said: “This subscription has seen the highest demand for a public subscription in the world so far this year and has reached a high level exceeding the target value to form a price. Public Subscription in the United Arab Emirates.”

He added, “This historic initial public offering is the sixth time (ADNOC) has executed a minority stake in one of its subsidiaries within five years. It confirms the role of (ADNOC Supply and Services) in providing profitable investment opportunities, supported by strong and long-term growth prospects and gradual dividend distribution.” .

He emphasized that ADNOC welcomed the new investor base and looked forward to their contribution to the company’s growth and development as it continued its efforts to achieve sustainable growth for the UAE, Abu Dhabi and its stakeholders.

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