DUBAI (Reuters) – State-run Abu Dhabi National Oil Company (ADNOC) said on Monday it had completed a placement to institutional investors of 10% in its subsidiary ADNOC Distribution’s ADNOCDIST.AD total share capital, or 1.25 billion shares, valued at $1 billion.
The placement will increase ADNOC Distribution’s free float to 20%, and contribute to improved liquidity of the company, ADNOC said in a statement. ADNOC will retain an 80% strategic stake in ADNOC Distribution and continues to see strong growth potential in the company, it added.
The transaction represents “the largest block placement of a publicly listed” company in the Gulf region and “leverages significant investor demand for ADNOC Distribution shares”, ADNOC said.
In 2017, ADNOC listed 10% of ADNOC Distribution, the largest operator of petrol stations and convenience stores in