Commencement of subscription period in Abu Dhabi market

ADNOC L&S sets price range for shares

ADNOC Logistics & Services Company (ADNOC) announced on Tuesday the details of the price range for the offering shares and the start of the subscription period for the public offering on the Abu Dhabi Securities Exchange (ADX).

The price range for the offer shares was set between AED 1.99 to AED 2.01 per share, indicating a share value of $4.01 billion to $4.05 billion (approximately AED 14.7 billion to AED 14.9 billion).

Abu Dhabi National Oil Company (ADNOC) intends to sell 1.1 billion ordinary shares, representing 15% of the company's issued share capital, with the selling shareholder reserving the right to amend the size of the offering at any time before the end of the subscription period, in accordance with the laws of the UAE and subject to the approval of the UAE Securities and Commodities Authority.

If all the shares on offer are sold, the size of the offering would range from approximately $601 million to $607 million (equivalent to AED 2.21 billion to AED 2.23 billion).

The final offer price is expected to be announced on Thursday 25 May 2023, while the offering process and acceptance of the listing is expected to be completed on Thursday, the first of June 2023, subject to favourable market conditions and obtaining relevant regulatory approvals in the UAE, including approval to accept listing.

The allocation notice for the UAE retail offering will be sent on Tuesday 30 May 2023, with redemption of excess subscription amounts and allocation letters also sent from Tuesday 30 May 2023.

Mollis & Company UK LLC (DIFC Branch) has been appointed as the Company's independent financial advisor.

Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East Limited and JPMorgan Securities plc have also been appointed as joint bookrunners and joint book managers.

Abu Dhabi Commercial Bank, Arqaam Capital Limited, Crédit Agricole Corporate & Investment Bank, EFG Hermes Emirates Limited (in collaboration with EFG Hermes UAE), International Securities and Societe Generale have been appointed as joint book managers.

First Abu Dhabi Bank (FAB) has been appointed as the primary receiving bank, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Al Maryah Local Bank have been appointed as receiving banks.