Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Abu Dhabi National Oil Co. (Adnoc) has announced the sale of $2.84 billion worth of shares in its subsidiary, Adnoc Gas.
The sale, which took place on Friday, involved approximately 3.1 billion ordinary shares and has increased the company’s free float to 9% from roughly 5%.
The shares were sold at a rate of 3.40 dirhams per share, a 5% discount to the closing share price of 3.58 dirhams on February 20, the last trading day before the sale. The settlement is anticipated to take place on or around February 26.
This sale corresponds to 4% of Adnoc Gas’s total share capital, according to the company. The increased free float is expected to pave the way for Adnoc Gas’s inclusion in the MSCI Emerging Markets Index and the FTSE Emerging Market Index. The inclusion could occur at the next quarterly review, provided Adnoc Gas meets all relevant inclusion criteria.
Adnoc Group has stated it will maintain a majority 86% shareholding in the gas business and will not sell any more shares for a period of six months.
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