Abu Dhabi National Oil Company PJSC (ADNOC), the current majority shareholder of ADNOC Drilling PJSC will sell 880 million ordinary shares to institutional investors.
The shares offered through a bookbuilding process correspond to approximately 5.5% of the issued and outstanding share capital of ADNOC Drilling. The offering is open only to Professional Investors as defined by the UAE Securities and Commodities Authority (SCA). It will not be available to the public in the UAE or any other jurisdiction.
“Since its IPO in October 2021, ADNOC Drilling has delivered exceptional growth and superior shareholder returns including a recent dividend policy upgrade,” 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 Drilling, diversify its shareholder base and supports value creation. Securing MSCI emerging market index inclusion also underscores ADNOC’s role as a key catalyst and critical enabler of the Abu Dhabi financial market.”
The bookbuilding period for the Offering will commence immediately and is expected to close on May 23, 2024, subject to acceleration. It will consist exclusively of shares held by ADNOC.
The final number of shares to be placed and the offering price will be determined at the close of the bookbuild process.
