Adnoc Distribution is the UAE’s largest fuel and convenience retailer. The company operates 406 fuel stations in the UAE and two in Saudi Arabia as of June 30. Courtesy: Adnoc
Adnoc Distribution is the UAE’s largest fuel and convenience retailer. The company operates 406 fuel stations in the UAE and two in Saudi Arabia as of June 30. Courtesy: Adnoc
Adnoc Distribution is the UAE’s largest fuel and convenience retailer. The company operates 406 fuel stations in the UAE and two in Saudi Arabia as of June 30. Courtesy: Adnoc
Adnoc Distribution is the UAE’s largest fuel and convenience retailer. The company operates 406 fuel stations in the UAE and two in Saudi Arabia as of June 30. Courtesy: Adnoc

Adnoc completes $1bn institutional placement of shares in its distribution unit


Jennifer Gnana
  • English
  • Arabic

Abu Dhabi National Oil Company completed an institutional placement of 1.25 billion shares worth $1 billion (Dh3.67bn) in its distribution unit to a group of institutional investors.

The transaction is the “largest block placement of a publicly-listed GCC company,” Adnoc said in a statement on Monday.

The placement follows the listing of 10 per cent of Adnoc Distribution's shares on the Abu Dhabi Securities Exchange in December 2017.

The placement was priced at Dh2.95 per share, which is 18 per cent above the initial public offering price of Dh2.50 and equivalent to a 5 per cent discount on the company’s three-month volume weighted average price.

Adnoc Distribution is the UAE’s largest fuel and convenience retailer. The company operates 406 fuel stations in the UAE and two in Saudi Arabia as of June 30. The institutional placement of the distribution entity’s shares follows Adnoc’s earlier intention to sell more of its shareholding in the company in order to increase the stock’s free float and liquidity on the ADX.

The transaction highlights "the attractive nature of Adnoc Distribution to investors and demonstrates the high quality investment opportunities offered by Adnoc and more broadly by Abu Dhabi and the United Arab Emirates," said Dr Sultan Al Jaber, Adnoc Group chief executive.

"For the investors, it presented a unique opportunity to access a sizeable stake in Adnoc Distribution and invest in a stable and highly compelling equity story, with an attractive and resilient dividend policy," Dr Al Jaber, who is also Minister of Industry and Advanced Technology, said.

"It also contributes to increased liquidity in the trading of shares in Adnoc Distribution, while broadening our shareholder base.”

In the latest transaction, the company completed the placement of shares to a group of unspecified institutional investors. The shares are listed and traded on the local exchange and will increase the company’s free float to 20 per cent.

Adnoc will retain 80 per cent ownership of the distribution unit’s registered share capital following the placement. The placement was launched due to significant investor demand for Adnoc Distribution’s stock, the company said.

Adnoc Distribution's 2020 dividend is set to rise 7.5 per cent in 2020 to Dh2.57bn, after a 62 per cent increase in last year's dividend to Dh2.39bn. The company expects to pay the first six-month dividend of 2020, 10.285 fils per share, in October of this year, subject to board approval.

Citigroup Global Markets and First Abu Dhabi Bank acted as joint book runners for the placement. Moelis & Company was an independent financial adviser to Adnoc on the transaction.

Earlier this month, Adnoc signed an agreement worth $5.5bn with Apollo Global Management to lease some of its properties on a long-term basis, as part of its plans to unlock capital from its non-core assets.

The deal followed an earlier transaction involving a group of institutional investors in its midstream sector.

A consortium of the world’s leading infrastructure and sovereign wealth funds signed an agreement worth $20.7bn in June to invest in Abu Dhabi’s natural gas pipeline infrastructure. The infrastructure deal, which followed a similar transaction involving Adnoc’s oil pipelines in 2019, is the largest in the energy sector so far this year.

Investors such as Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, the Ontario Teachers’ Pension Plan Board, South Korea's NH Investment & Securities and Italy’s Snam bought into the infrastructure deal, which resulted in upfront proceeds of $10bn for the company.

In 2019, a $5bn transaction involving Adnoc’s oil pipelines attracted leading global private equity players such as BlackRock and KKR.

Adnoc also agreed to form a joint venture with Abu Dhabi holding company ADQ earlier this year to hasten the development of chemicals manufacturing at Ruwais.

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

Sweet%20Tooth
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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
%3Cp%3EMercedes-Benz's%20MBUX%20digital%20voice%20assistant%2C%20Hey%20Mercedes%2C%20allows%20users%20to%20set%20up%20commands%20for%3A%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Navigation%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Calls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20In-car%20climate%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Ambient%20lighting%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Media%20controls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Driver%20assistance%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20General%20inquiries%20such%20as%20motor%20data%2C%20fuel%20consumption%20and%20next%20service%20schedule%2C%20and%20even%20funny%20questions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThere's%20also%20a%20hidden%20feature%3A%3C%2Fstrong%3E%20pressing%20and%20holding%20the%20voice%20command%20button%20on%20the%20steering%20wheel%20activates%20the%20voice%20assistant%20on%20a%20connected%20smartphone%20%E2%80%93%20Siri%20on%20Apple's%20iOS%20or%20Google%20Assistant%20on%20Android%20%E2%80%93%20enabling%20a%20user%20to%20command%20the%20car%20even%20without%20Apple%20CarPlay%20or%20Android%20Auto%3C%2Fp%3E%0A
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets

Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2

England XI for second Test

Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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UAE currency: the story behind the money in your pockets
Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

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%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Series information

Pakistan v Dubai

First Test, Dubai International Stadium

Sun Oct 6 to Thu Oct 11

Second Test, Zayed Stadium, Abu Dhabi

Tue Oct 16 to Sat Oct 20          

 Play starts at 10am each day

 

Teams

 Pakistan

1 Mohammed Hafeez, 2 Imam-ul-Haq, 3 Azhar Ali, 4 Asad Shafiq, 5 Haris Sohail, 6 Babar Azam, 7 Sarfraz Ahmed, 8 Bilal Asif, 9 Yasir Shah, 10, Mohammed Abbas, 11 Wahab Riaz or Mir Hamza

 Australia

1 Usman Khawaja, 2 Aaron Finch, 3 Shaun Marsh, 4 Mitchell Marsh, 5 Travis Head, 6 Marnus Labuschagne, 7 Tim Paine, 8 Mitchell Starc, 9 Peter Siddle, 10 Nathan Lyon, 11 Jon Holland

The years Ramadan fell in May

1987

1954

1921

1888

UAE currency: the story behind the money in your pockets
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LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

Champions League Last 16

Red Bull Salzburg (AUT) v Bayern Munich (GER) 

Sporting Lisbon (POR) v Manchester City (ENG) 

Benfica (POR) v Ajax (NED) 

Chelsea (ENG) v Lille (FRA) 

Atletico Madrid (ESP) v Manchester United (ENG) 

Villarreal (ESP) v Juventus (ITA) 

Inter Milan (ITA) v Liverpool (ENG) 

Paris Saint-Germain v Real Madrid (ESP)  

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km