ADNOC completes $1 billion institutional placement of distribution shares

ADNOC completed a placement to institutional investors of 10% in its subsidiary ADNOC Distribution total share capital, or 1.25 billion shares, valued at $1 billion.

The placement will increase ADNOC Distribution’s free float to 20%, and contribute to improved liquidity of the company, ADNOC said in a statement. ADNOC will retain an 80% strategic stake in ADNOC Distribution and continues to see strong growth potential in the company, it added.

In 2017, ADNOC listed 10% of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, on the Abu Dhabi Securities Exchange.