Adnoc Distribution completed its book building process for its combined offer at a price of Dh4.82 per share, 5.7% higher than its 3-month volume weighted average share price and less than 1 per cent below yesterday's closing price of Dh4.85. Courtesy Adnoc Distribution
Adnoc Distribution completed its book building process for its combined offer at a price of Dh4.82 per share, 5.7% higher than its 3-month volume weighted average share price and less than 1 per cent below yesterday's closing price of Dh4.85. Courtesy Adnoc Distribution
Adnoc Distribution completed its book building process for its combined offer at a price of Dh4.82 per share, 5.7% higher than its 3-month volume weighted average share price and less than 1 per cent below yesterday's closing price of Dh4.85. Courtesy Adnoc Distribution
Adnoc Distribution completed its book building process for its combined offer at a price of Dh4.82 per share, 5.7% higher than its 3-month volume weighted average share price and less than 1 per cent

Adnoc successfully completes $1.64bn combined share and bond offering


Michael Fahy
  • English
  • Arabic

Abu Dhabi National Oil Company said it successfully raised $1.64 billion through the sale of new shares and issuance of exchangeable bonds in its fuel retail arm, Adnoc Distribution.

The company said that following a successful book building process, the combined offering of 375 million shares and about $1.195 billion of exchangeable bonds was placed at a blended price of Dh4.82 per share, which is 5.7 per cent above its current three-month volume-weighted average and 1 per cent below yesterday's closing price of Dh4.85 per share.

The combined offering "was covered in less than one hour" and attracted significant demand from regional and international investors, Adnoc said.

"The success of this innovative and pioneering combined offering, the first of its kind in the GCC, once again highlights the attractive investment opportunities and environment provided by Adnoc and, more broadly, Abu Dhabi and the UAE," said Dr Sultan Al Jaber, the UAE's Minister of Industry and Advanced Technology, who is also Adnoc group chief executive and managing director.

"We were delighted to see exceptionally strong demand and a number of new world-class institutional investors participate in both the share offering and exchangeable bond offering, reinforcing the attractiveness of Adnoc Distribution and bringing new FDI into the UAE."

Adnoc Distribution is the UAE's biggest fuel retailer, with a total of 449 stations at the end of March and has ambitious plans to extend its network both in the UAE and Saudi Arabia.

Adnoc floated 10 per cent of the distribution business in 2017 and listed a further 10 per cent through an institutional placing in September last year. The 375 million shares offered equate to a stake of about 3 per cent in the company. The bond, which has a maturity date of 2024, is exchangeable at a price of Dh5.01 per share, under certain conditions. It is exchangeable for a further 7 per cent of the company's shares.

The deal has the potential to increase its free float to 30 per cent, assuming the bonds are exchanged. This will bring "greater liquidity to Adnoc Distribution shares" and broaden its investor base, Adnoc said.

Adnoc Distribution's shares were included into Morgan Stanley Capital International's (MSCI) Emerging Markets index from Thursday. It joins nine other UAE-listed companies that are part of the index, which is tracked by funds with billions of dollars worth of assets.

The company's shares fell 8.25 per cent on Wednesday to Dh4.45 per share, but remain about 19 per cent higher so far this year, giving it a market capitalisation of Dh55.37bn.

Adnoc Distribution reported a 58 per cent rise in first quarter profit this year of Dh631m.

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5pm: Al Falah – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Bshara, Richard Mullen (jockey), Salem Al Ketbi (trainer)

5.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel

6pm: Al Dhafra – Maiden (PA) Dh80,000 (T) 1,600m; Winner: AF Mualami, Antonio Fresu, Abubakar Daud

6.30pm: Al Khaleej Al Arabi – Handicap (PA) Dh80,000 (T) 1,600m; Winner: Hawafez, Adrie de Vries, Abubakar Daud

7pm: Al Mafraq – Handicap (PA) Dh80,000 (T) 1,600m; Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi

7.30pm: Al Samha – Handicap (TB) Dh80,000 (T) 1,600m; Winner: Celestial Spheres, Patrick Cosgrave, Ismail Mohammed

INFO

Visit www.wtatennis.com for more information

 

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Favourite food: Fish and seafood

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Favourite film: Lock Stock and Two Smoking Barrels.

Family: We all have one!

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Price, base / as tested: Dh78,000 / Dh97,650

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Transmission: Continuously variable tranmission

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Champions League Last 16

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Atletico Madrid (ESP) v Manchester United (ENG) 

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Price, base: Dh117,000 (estimate)

Engine: 1.6L four-cylinder, with 1.56kWh battery

Transmission: Six-speed automatic

Power: 105hp (engine), plus 43.5hp (battery)

Torque: 147Nm (engine), plus 170Nm (battery)

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The Voice of Hind Rajab

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White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh359,000

On sale: now 

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
Emiratisation at work

Emiratisation was introduced in the UAE more than 10 years ago

It aims to boost the number of citizens in the workforce particularly in the private sector.

Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers

The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension

President Sheikh Khalifa has described Emiratisation as “a true measure for success”.

During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development

More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics

The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens

UAE citizens will be given priority in managerial positions in the government sphere

The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens