Français
Deutsch
Español
Italiano
Português
日本語
한국어
Русский
Zoljargal Purevdash talks Cannes Title ‘If Only I Could Hibernate’
May 25, 2023Ferguson Marine: Scotland's long
Jun 27, 2023House on a House / Bloot Architecture
Jul 19, 2023Seeking Interior Design Rooted in Cultural Heritage
Jul 27, 2023Epax close to 100% circularity for marine biomaterials
Jun 29, 2023Abu Dhabi's ADNOC looks to raise up to $607 mln from IPO of logistics unit
Jan 25, 2024DUBAI, May 16 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) said on Tuesday it has set a price range for an initial public offering of its marine and logistics unit that could raise up to $607 million and could give ADNOC Logistics & Services (ADNOC L&S) an equity valuation of as much as $4.05 billion.
The price range for the unit was set at 1.99 dirhams ($0.5420) to 2.01 dirhams per share, the company said in a statement.
Cornerstone investors Al Seer Marine Supplies & Equipment, National Marine Dredging Co, Alpha Oryx Limited and the Abu Dhabi Pension Fund have made a combined commitment of approximately $180 million.
ADNOC would raise between $601 million and $607 million from the sale, the statement said.
ADNOC is offering about 1.1 billion shares in its maritime logistics services unit, equivalent to 15% of its issued share capital. The subscription period for the share offering is to run from May 16 until May 24.
Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June.
This will be the Abu Dhabi oil giant's second IPO this year after it raised $2.5 billion from its gas business in March.
Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and J.P. Morgan have been appointed as joint global coordinators and joint bookrunners, and Moelis & Co is acting as independent financial adviser on the IPO.
ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.
($1 = 3.6717 UAE dirham)
Our Standards: The Thomson Reuters Trust Principles.
Hamilton Insurance Group is considering strategic options amid growing momentum for deals involving insurance and reinsurance companies, people familiar with the matter told Reuters.
Jefferies has hired top Bank of America software investment banker Ron Eliasek as part of the bank's efforts to boost its U.S. dealmaking franchise, according to people familiar with the matter.