United Arab Emirates oil producer Adnok lists drilling rig in Abu Dhabi IPO

(Bloomberg) – Abu Dhabi National Oil Company plans to sell shares in its drilling rig, one of the largest public offerings in the United Arab Emirates.

The company announced on Monday that it will drill at least 7.5% of Adnock. An IPO could raise up to $ 10 billion for business, Bloomberg quoted sources as saying earlier this year. A.D. In 2018, when Baker Hughes bought a 5% stake in Adnok’s drilling, that deal was worth about $ 11 billion, including $ 1 billion in debt.

According to the review, sales could increase by as much as $ 750 million, and Adnok said the stock could increase. IPO will be one of the sub-branches of the group after the sale of shares in the retail sector at $ 850.8 million in 2017.

The proposed list comes as Abu Dhabi seeks to renew IPOs on the site. The XX, a portfolio that offers flexibility for stock sales, offers flexibility that promises to reduce or eliminate listing fees.

Satellite operators Yahsat was listed in July, and Sources familiar with the matter said last week that the sovereign wealth fund Mubadala Investment Company is ready to select suppliers of more than $ 15 billion from Emirates Global Aluminum. Adnok Fertilizer Partnership and Fertiglobe have begun preparations for a potential IPO.

Property sale

Abu Dhabi, the largest oil producer in the United Arab Emirates, is using its energy resources to attract investors and international investors in an effort to boost the country’s economy. Although the UAE has been planning to sell oil for decades, it is trying to build industries such as technology, manufacturing and tourism in preparation for a declining hydrocarbon demand.

The United Arab Emirates is the third largest oil exporter after Saudi Arabia and Iraq. Adnock is pursuing a strategy to attract investors and raise cash from small businesses in their businesses.

Regional power plants, such as Saudi Arabia, are also trying to break free from dependence on government revenue by selling energy assets. In 2019, the government registered the world’s largest IPO when it sold shares in Saudi Arabia.

When governments and companies want to go green and cut oil consumption, Saudi Arabia and the United Arab Emirates will set up low-cost crude and natural gas chemicals and hydrogen production among the final suppliers.

Details of the Adnok Excavation IPO

The discount period represents 1.2 billion shares for retail investors from September 13 and September 23. Closes Last Deal Announcement September 27 List Date: October 3 The first Abu Dhabi Bank, Goldman Sachs, HSBC, Jepimorgan are joint global coordinators. , Meryl Lynch International and the Society General are co-authors

(Updates across details.)

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