Abu Dhabi National Oil Company has raised $317 million through an institutional share sale to boost its logistics unit's case for inclusion in the MSCI Emerging Market Index.
The offering of 222 million shares in Adnoc Logistics and Services, completed through the “accelerated bookbuilding process” of just four hours, corresponds to about 3 per cent of the company's issued share capital.
The company set the selling price at Dh5.25 ($1.43) and achieved approximately seven-times oversubscription, the company said on Friday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
The settlement of the deal is expected on or around September 3. Adnoc L&S expects to be admitted on the MSCI index in November, after its next quarterly review.
Shares of Adnoc L&S rose after the announcement, up about 1.8 per cent.
Once the new shares are admitted for trading, Adnoc L&S’s free float – company shares that are not restricted and can be publicly traded – will increase from 19 per cent to about 22 per cent.
A greater free float is expected to boost trading in its shares, improve liquidity, diversify the shareholder base and will provide “a clear pathway towards MSCI index inclusion”, said Khaled Al Zaabi, group chief financial officer of Adnoc.
The offering was also in response to heightened interest from international investors, who have shown confidence in the strength of stocks on the ADX, said Nicholas Gleeson, chief financial officer of Adnoc L&S.
“There's a strong appetite to invest in our stock … we've had a number of large funds internationally expressing a desire to see greater liquidity in the stock,” Mr Gleeson told The National on Friday.
“We're going to see an increase in the international investor base as a component of our overall book as a result of their ability now to take larger positions in the stock or to participate in the stock because of the increasing liquidity as a result of [Thursday's] announcement,” he added.
The Emerging Markets Index is tracked by investors managing trillions of dollars in assets. The benchmark is designed to measure the performance of large and mid-cap stocks across 24 emerging markets and has more than 1,320 constituents.
Index inclusion usually supports increased liquidity for a company’s shares and can help to attract more regional and global institutional investors.
Three companies – Adnoc Gas, Salik and the Dubai Electricity and Water Authority – boosted the UAE's presence in May with their inclusion.
The L&S arm would be the fourth Adnoc company to be admitted to the index, after Adnoc Distribution and Adnoc Drilling.
Other UAE companies that are part of the index include First Abu Dhabi Bank, Emaar Properties, e&, Emirates NBD, Aldar Properties and Abu Dhabi Commercial Bank.
“If Adnoc L&S is included in the MSCI index, it is expected to contribute to the further diversification of the company’s investor base and strengthen awareness of its differentiated proposition as a leader in global energy maritime logistics,” Wam reported.
Adnoc L&S delivers energy products and solutions to more than 100 customers in about 50 countries through its three business units, including integrated logistics, shipping and marine services.
The company has reported a 10 per cent annual rise in its second-quarter net profit, after the strong performance of its business units. Revenue for the period rose about 40 per cent to $1.25 billion.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Malcolm & Marie
Directed by: Sam Levinson
Starring: John David Washington and Zendaya
Three stars
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
UAE currency: the story behind the money in your pockets
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
