Abu Dhabi National Oil Company (ADNOC) announced yesterday its intention to offer up to 222 million ordinary shares, representing approximately 3% of the issued and outstanding capital of ADNOC Logistics and Services PLC, where ADNOC holds an 81% majority stake.
This offering will be conducted through a book-building process targeted at a select group of qualified institutional investors, adhering to Rule 144A and Regulation S of the U.S. Securities Act of 1933 and its amendments.
The offering will solely be available to professional investors, according to definitions recognized by the Securities and Commodities Authority of the UAE, both within the UAE and to international institutional investors. It will not be open to the public in the UAE or any other country. The book-building process is set to commence immediately.
The process is expected to conclude before the market opens on August 29, 2025, unless expedited and closed earlier. The final number of shares to be offered and the offering price will be determined at the close of the book-building process.
Details regarding the final terms of the offering are anticipated to be released upon completion of this process. The settlement of the offered shares is expected to take place on September 3, 2025, or around that date.
This offering will enable ADNOC to divest an additional stake in ADNOC Logistics and Services, aiming to enhance the liquidity and trading of its ordinary shares and diversify its shareholder base.
The anticipated increase in the free float of shares could pave the way for the company’s inclusion in the MSCI Emerging Markets Index, which may occur during the next quarterly review, contingent on ADNOC Logistics and Services meeting all relevant listing criteria.
If ADNOC Logistics and Services is included in the MSCI Index, this will positively impact the diversification of its investor base and elevate the awareness of both local and international investors regarding its status and exceptional investment value as a leading provider of maritime logistics services to the global energy sector.
In the second quarter of 2025, ADNOC Logistics and Services achieved record operational and financial results. Shares held by ADNOC as the majority stakeholder in ADNOC Logistics and Services will not be available for sale during the offering’s book-building process and will be subject to a six-month lock-up period starting from the settlement date, with customary exceptions considered. Abu Dhabi First Bank, JPMorgan Securities PLC, International Securities, BOCI Asia, and China International Capital Corporation, Hong Kong Securities, have been appointed as joint global coordinators and joint bookrunners for this offering.