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.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
A Long Way Home by Peter Carey
Faber & Faber
SPECS
%3Cp%3E%0D%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20750hp%20at%207%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20800Nm%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%207%20Speed%20dual-clutch%20auto%0D%0D%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20332kph%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%2012.2L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EYear%20end%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C430%2C000%20(coupe)%3B%20From%20Dh1%2C566%2C000%20(Spider)%3C%2Fp%3E%0A
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
