Cepsa, the Spanish energy company owned by Abu Dhabi’s strategic firm Mubadala Investment Company, said on Tuesday it expects to raise as much as €2.02 billion (Dh8.6bn) from the initial public offering of a 25 per cent stake in Spain.
The Madrid-based energy producer has set the offering price range of €13.10 to €15.10 per ordinary share of the company with par value of each share at €0.50, the company said in a statement on Tuesday. The selling shareholder of the company is offering 133,787,471 shares, representing a quarter of the company share capital in a deal that could give Cepsa a market cap between €7.01bn and €8.08bn.
“The share sale comprises a private placement to qualified institutional investors inside and outside of Spain,” Cepsa said in the statement. “As an exception, the selling shareholder is also offering shares to employees of the company and its Spanish subsidiaries that have their tax residence in Spain on the terms and conditions set out in the prospectus [of offering].”
The free float of the company may reach 28.75 per cent if the 15 per cent overallotment option granted to the Joint Global Coordinators on the deal is exercised. The final price of the share float will be determined on 16 October and admission to listing and trading on the Spanish stock exchanges is expected to take place on or about 18 October, the company said.
Cepsa was originally an investment of Ipic, which became part of Mubadala in a merger in 2017. Abu Dhabi has built its stake in Cepsa for years and bought shares held by France’s Total in 2011.
_______________
Read more:
Mubadala-owned Cepsa plans Spain IPO in the fourth quarter of 2018
Mubadala-owned Cepsa and Adnoc to set up chemicals plant in Ruwais
Adnoc puts Ruwais at the heart of plans for UAE’s future beyond oil
Adnoc to invest Dh165bn with partners in downstream
Exclusive: Mubadala's petroleum and petrochemicals wing eyes lower cost barrels
_______________
Mubadala’s stake sale of Cepsa will see the Spanish energy firm trade on the Madrid, Barcelona, Bilbao, and Valencia Stock exchanges. Banco Santander, Citigroup, Merrill Lynch and Morgan Stanley are the joint global coordinators and joint bookrunners on the deal.
Barclays BNP Paribas, First Abu Dhabi Bank, Societe Generale and UBS are the additional joint bookrunners, while Banco Bilbao Vizcaya Argentaria and CaixaBank are the co-lead managers. Rothschild is acting as financial advisor to the company and the selling shareholder, according to the regulatory filing.
In March The National was first to report that Mubadala was seeking more stakeholders for Cepsa and exploring options to list the company in Spain this year.
“Today’s intention to float is a result of the strong foundations the business has built to become a well-established, integrated energy company and a global leader in a number of important product markets,” Musabbeh Al Kaabi, the chief executive of Mubadala’s Petroleum and Petrochemicals platform said in a statement last month. “We are committed to delivering the IPO with a listing on the Spanish exchanges as a natural and strategic fit for Cepsa that will provide wider access to capital markets to support financial flexibility.”
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
SERIE A FIXTURES
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)
Monday Fiorentina v Genoa (11.45pm)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
