Abu Dhabi National Oil Company said it successfully raised $1.64 billion through the sale of new shares and issuance of exchangeable bonds in its fuel retail arm, Adnoc Distribution.
The company said that following a successful book building process, the combined offering of 375 million shares and about $1.195 billion of exchangeable bonds was placed at a blended price of Dh4.82 per share, which is 5.7 per cent above its current three-month volume-weighted average and 1 per cent below yesterday's closing price of Dh4.85 per share.
The combined offering "was covered in less than one hour" and attracted significant demand from regional and international investors, Adnoc said.
"The success of this innovative and pioneering combined offering, the first of its kind in the GCC, once again highlights the attractive investment opportunities and environment provided by Adnoc and, more broadly, Abu Dhabi and the UAE," said Dr Sultan Al Jaber, the UAE's Minister of Industry and Advanced Technology, who is also Adnoc group chief executive and managing director.
"We were delighted to see exceptionally strong demand and a number of new world-class institutional investors participate in both the share offering and exchangeable bond offering, reinforcing the attractiveness of Adnoc Distribution and bringing new FDI into the UAE."
Adnoc Distribution is the UAE's biggest fuel retailer, with a total of 449 stations at the end of March and has ambitious plans to extend its network both in the UAE and Saudi Arabia.
Adnoc floated 10 per cent of the distribution business in 2017 and listed a further 10 per cent through an institutional placing in September last year. The 375 million shares offered equate to a stake of about 3 per cent in the company. The bond, which has a maturity date of 2024, is exchangeable at a price of Dh5.01 per share, under certain conditions. It is exchangeable for a further 7 per cent of the company's shares.
The deal has the potential to increase its free float to 30 per cent, assuming the bonds are exchanged. This will bring "greater liquidity to Adnoc Distribution shares" and broaden its investor base, Adnoc said.
Adnoc Distribution's shares were included into Morgan Stanley Capital International's (MSCI) Emerging Markets index from Thursday. It joins nine other UAE-listed companies that are part of the index, which is tracked by funds with billions of dollars worth of assets.
The company's shares fell 8.25 per cent on Wednesday to Dh4.45 per share, but remain about 19 per cent higher so far this year, giving it a market capitalisation of Dh55.37bn.
Adnoc Distribution reported a 58 per cent rise in first quarter profit this year of Dh631m.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
