Fertiglobe, the joint venture between Adnoc and Netherlands-listed OCI, jumped as much as 20 per cent on its first day of trading on the Abu Dhabi Securities Exchange on Wednesday.
The company's shares jumped to as high as 3.06 at the start of trading, above their earmarked Dh2.55, giving Fertiglobe a market value of $6.9bn.
Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, raised $795 million in its initial public offering and is the third-largest listing on the ADX.
The share offering received orders in excess of $17.4 billion and was 22 times oversubscribed. The IPO's qualified investor tranche, excluding cornerstone investors, was 32 times oversubscribed.
"This is another milestone in Adnoc's value creation and maximisation strategy, offering domestic and international investors access to growth opportunities in clean ammonia and the emerging hydrogen economy," said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc.
The company – which is also the Mena region’s largest producer of nitrogen fertilisers by production capacity – sold more than 1.145 billion shares representing 13.8 per cent of its share capital.
Fertiglobe attracted three cornerstone investors with commitments of $231m. They include the Abu Dhabi Pension Fund, Singapore's sovereign wealth fund GIC and San Francisco-based activist investor Inclusive Capital Partners.
OCI will continue to have the majority stake in Fertiglobe, with Adnoc holding on to 36.2 per cent of the share capital.
Fertiglobe plans to increase its dividend to $200m, from $150m, with the payout for the second half of the current financial year due in April 2022.
The company expects to distribute a dividend of at least $400m, up from $315m in the financial year ending December 2022. Fertiglobe will pay half of the dividend amount in October 2022, with the remainder scheduled to be paid in April 2023.
Fertiglobe's trading ticker is “Fertiglobe” and the International Securities Identification Numbering (Isin) code is “AEF000901015”.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
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Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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