Adnoc has completed the placement of an additional 5.5% of its Adnoc Drilling subsidiary’s share capital at a price of AED3.9/share ($1.06), the firm announced on 23 May. The placement was launched on 22 May, with Adnoc hailing “strong investor demand in the largest-ever accelerated bookbuild of a publicly-listed company in the UAE.” Settlement of the offer is expected on 28 May, with the sale of 880mn shares raising AED3.4bn ($930mn) for Adnoc.
Upon completion, Adnoc will hold 78.5% of Adnoc Drilling, with Baker Hughes retaining its 5% stake and 16.5% listed on the Abu Dhabi Exchange (ADX). (CONTINUED - 208 WORDS)
