Abu Dhabi's Adnoc is to transfer its equity stakes in its listed companies to its international investment unit XRG, with the move not expected to affect operations, teams or the strategic direction of the entities.
The companies included in the transfer are Adnoc Distribution, Adnoc Drilling, Adnoc Gas and Adnoc Logistics and Services, all listed on the Abu Dhabi Securities Exchange, it said in a statement on Thursday.
Adnoc said it “will continue to retain control and ultimate ownership of the listed companies through its 100 per cent shareholding of XRG and reaffirms its commitment to long-term value creation and capital discipline”.
The internal administrative share transfers will have no impact on the day-to-day operations, leadership or strategic direction of the respective listed companies, it added. The companies’ dividend policies, capital allocation frameworks, indebtedness targets and mergers and acquisitions strategies also remain unchanged.
The transfer of Adnoc's majority shareholdings in Adnoc Distribution, Adnoc Gas and Adnoc L&S was effected on Thursday through an off-market transfer on the ADX, with the share transfer of Adnoc Drilling to take place following regulatory approvals.
Adnoc also confirmed that its entire stake in Fertiglobe is now held through XRG.
The internal transfers will “further strengthen XRG’s size and financial position, and drive its long-term development, through access to stable and attractive dividend streams, supported by the listed companies’ existing disciplined growth and capital return agendas”, Adnoc said.
XRG was launched last year as a global lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. With headquarters in Abu Dhabi, it is focused on scalable energy solutions to help support artificial intelligence and industry.
The company has been expanding its operations globally and plans to double its asset value over the next decade, capitalising on energy transition, AI advances and the rise of emerging economies.
In July, Adnoc said it planned to transfer its 24.9 per cent stake in Austrian energy company OMV to XRG. Through the investment in OMV, which held a 75 per cent stake in Austrian plastics maker Borealis, Adnoc increased its stakes in Borealis and Borouge.
In March, Adnoc and OMV agreed on terms to merge their polyolefins business and create a $60 billion global company. They said the joint venture company, Borouge Group International (BGI), would combine Adnoc’s Borouge with OMV’s Borealis unit.
Adnoc has also signed a share purchase agreement with Nova Chemicals, a unit of Mubadala Investment Company, for the full acquisition of Nova.
On completion of the Borouge and Borealis merger, the new entity will take ownership of Nova for $13.4 billion, including debt, which will expand its footprint in North America.
“Upon receipt of regulatory approvals and the successful completion of the proposed transactions … Adnoc's entire stake in BGI will be transferred to and held by XRG,” Adnoc said on Thursday.
XRG’s chemicals platform aims to become a top-five global player, producing and delivering chemical and speciality products to meet a projected 70 per cent increase in global demand by 2050, Adnoc said last year. It is also investing in natural gas projects to meet growing demand for LNG.
In June, XRG made a $19 billion indicative offer to buy Australia's second-largest gas producer, Santos. Under the proposal, a consortium led by XRG, including Abu Dhabi's sovereign wealth fund ADQ and global investment firm Carlyle, proposed to acquire 100 per cent of the ordinary shares in Santos.
The company also said in December last year that it would become the majority shareholder of Covestro, after the German chemicals company’s shareholders accepted a takeover offer in a €14.7 billion ($17 billion) deal. However, that deal is currently being reviewed by the European Commission under its rules about foreign subsidies.
XRG has this year closed other international deals, including Arcius Energy, its joint venture with BP for upstream gas in Egypt, its stake in the Absheron gas and condensate field in Azerbaijan, and its participation in Offshore Block 1 in Turkmenistan.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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