{"id":620731,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/adnoc-drilling-sells-usd-935-mn-stake-in-secondary-sale\/"},"modified":"2024-05-26T00:00:00","modified_gmt":"2024-05-26T00:00:00","slug":"adnoc-drilling-sells-usd-935-mn-stake-in-secondary-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/adnoc-drilling-sells-usd-935-mn-stake-in-secondary-sale\/","title":{"rendered":"Adnoc Drilling sells USD 935 mn stake in secondary sale"},"content":{"rendered":"

Adnoc Drilling sells 5.5% stake to investors: <\/strong>Abu Dhabi National Oil Company (Adnoc) Drilling sold a 5.5% stake in a secondary sale for USD 935 mn, after attracting \u201cstrong demand from institutional investors in the GCC and internationally,\u201d it said in an ADX disclosure (pdf)<\/a> on Thursday. The share sale increases the Adnoc subsidiary\u2019s freefloat to 16.5%, with Adnoc holding onto a 78.5% stake. The company set its final offering price at AED 3.90 per share, 70% above its IPO price of AED 2.30.<\/p>\n

Remember: <\/strong>Adnoc announced plans to offer up a 5.5% stake (or 880 mn shares)<\/a> in its drilling unit, Adnoc Drilling, in a secondary sale to institutional investors on Wednesday. The stake was initially valued at USD 989 mn, based on Adnoc Drilling\u2019s closing share price of AED 4.13 at the time. Adnoc Drilling went public in October 2021<\/a>, offering an 11% stake and raising USD 1.1 bn. Adnoc retained an 84% stake, while Baker Hughes held a 5% stake in the drilling arm.<\/p>\n

It is not often that the UAE sees secondary listings<\/strong>, Adnoc Drilling\u2019s was one of just a handful the country has seen. <\/p>\n

The increased freefloat may provide a pathway to allow Adnoc Drilling to join the MSCI <\/strong>Emerging Market Index<\/strong> at the next quarterly index review, according to the disclosure. It will also \u201cenhance liquidity and trading in Adnoc Drilling\u2019s ordinary shares and diversify its shareholder base\u201d the oil and gas giant said in an earlier disclosure (pdf)<\/a>. <\/p>\n

Advisors:<\/strong> Our friends at EFG Hermes UAE<\/strong>, along with First Abu Dhabi Bank<\/strong>, Goldma<\/strong>n<\/strong> Sachs International<\/strong>, and JP Morgan Securities<\/strong> are joint global coordinators and joint bookrunners for the offering.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

27,205<\/p>\n<\/td>\n

\n

-0.1% (YTD: +9.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.06<\/p>\n<\/td>\n

\n

Sell 47.18<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.10<\/p>\n<\/td>\n

\n

Sell 47.20<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,996<\/p>\n<\/td>\n

\n

-1.3% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,334<\/p>\n<\/td>\n

\n

-0.6% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,013<\/p>\n<\/td>\n

\n

-0.3% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,305<\/p>\n<\/td>\n

\n

+0.7% (YTD: +28.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,318<\/p>\n<\/td>\n

\n

-0.3% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,035<\/p>\n<\/td>\n

\n

0.0% (YTD: +11.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.12<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.52<\/p>\n<\/td>\n

\n

-5.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,356.90<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 66,098<\/p>\n<\/td>\n

\n

+0.4% (YTD: +63.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.1% at Thursday\u2019s close<\/strong> on turnover of EGP 5.3 bn (8.5% above the 90-day average). Regional investors were net sellers. The index is up 9.3% YTD.<\/p>\n

In the green: <\/strong>Eastern Company (+5.3%), Madinet Masr (+4.8%) and EFG Holding (+3.3%).<\/p>\n

In the red: <\/strong>Mopco (-7.1%), Qalaa Holdings (-2.5%), and Orascom Development (-2.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Adnoc subsidiary priced its offering at AED 3.90 a share<\/p>\n","protected":false},"author":1,"featured_media":620732,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1703,93,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adnoc","tag-energy","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"98da299e-c6bc-4441-98cc-9ae5a33ece65","order":"15","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1988.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc Drilling sells USD 935 mn stake in the secondary sale","related_issue":[620704],"teaser":"The Adnoc subsidiary priced its offering at AED 3.90 a share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.2b261725-dedf-4473-9f97-25b2f6a2a546.mp3"},"yoast_head":"\nAdnoc Drilling sells USD 935 mn stake in secondary sale - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/adnoc-drilling-sells-usd-935-mn-stake-in-secondary-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adnoc Drilling sells USD 935 mn stake in secondary sale\" \/>\n<meta property=\"og:description\" content=\"The Adnoc subsidiary priced its offering at AED 3.90 a share\" \/>\n<meta property=\"og:url\" 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