Abu Dhabi National Oil Company is to raise $1.64 billion through the sale of shares in its fuel distribution arm, Adnoc Distribution, and the issue of a bond exchangeable for the company's shares.
It will offer shares equivalent to 3 per cent of Adnoc Distribution's share capital and a three-year, unsecured bond that could be exchanged for a further 7 per cent of shares, subject to certain conditions.
The company will offer around 375 million shares through an accelerated book build with an offer price of Dh4.36 per share to qualified institutional investors, which would bring in about Dh1.635 billion ($445m).
It also plans to raise $1.195bn through the exchangeable bond offering.
The transaction is the first combined equity and exchangeable bond offering in the GCC, according to the company. The deal also provides Adnoc with access to a new and broader investor base interested in an equity-linked bond investment, the company said.
"The pricing of the shares and the targeted amount to be raised indicates that there is strong demand for UAE assets," said Vijay Valecha, chief financial officer at Century Financial.
Adnoc Distribution "with a progressive dividend policy" fits the profile of companies that provide stable income to yield-chasing investors, he added.
Adnoc floated 10 per cent of its distribution offering in 2017 and listed additional shares in September last year.
The state-owned oil company will announce the final terms of its combined offering following the completion of the book building process.
The settlement of Adnoc Distribution's share offering is expected to be complete around May 31, 2021. The exchangeable bond offering is expected to be settled around June 4, 2021.
The national oil company has agreed to a lock-up period for 90 days from the settlement date for both the share and the exchangeable bond offerings, the statement said.
Adnoc has also submitted an application for the admission of the exchangeable bonds for listing and trading on the Vienna MTF, which is regulated by the Vienna Stock Exchange.
The additional share issuance comes amid a robust economic environment in the UAE.
The Abu Dhabi market is the best performing in the Middle East in 2021. Its valuation has surged 30 per cent since the beginning of this year to reach a market capitalisation of just below $260bn.
Adnoc Distribution’s shares closed down 1.02 per cent at Dh4.90 per share, but have gained 29.3 per cent since the start of the year. It will join the Morgan Stanley Capital International (MSCI) Emerging Markets index on May 27 – a move that will increase the attractiveness of its shares to potential international investors and help to further diversify the company’s investor base.
It will join nine other UAE-listed companies that are part of the index, which is tracked by funds with billions of dollars worth of assets.
Adnoc Distribution reported a 58 per cent rise in first-quarter profit this year, helped by growth in its fuel retail and commercial segments.
Profit for the first three months of the year reached Dh631m ($171.8m) from Dh400m for the same period last year.
The fuel retailer has also expanded beyond its home market of the UAE in recent years. The company plans to "accelerate delivery momentum" and open a total of 70 to 80 new stations across the UAE and Saudi Arabia by year-end, it said earlier this month.
Adnoc Distribution plans to open another 30 to 45 units in the UAE. In Saudi Arabia, the company is building on earlier agreements to acquire fuel stations that will expand its portfolio in the country to 37 units. Adnoc Distribution had a total of 449 stations at the end of March.
On Friday, the company appointed Bader Al Lamki as its new chief executive, replacing Ahmed Al Shamsi. Mr Al Lamki, who until recently was chief executive of district cooling company Tabreed, will take up his role tomorrow.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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BRIEF SCORES:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
