Abu Dhabi National Oil Company (Adnoc) plans to sell 5.5% stake in Adnoc Drilling to institutional investors, raising around $988m.
The UAE's Abu Dhabi National Oil Company (Adnoc) plans to sell a 5.5% stake in its drilling unit, Adnoc Drilling, to institutional investors in a bid to enhance liquidity and widen its shareholding. The offering of approximately 880 million shares is expected to raise around $988m, with a book-building period starting immediately and expected to close on May 23. Adnoc Drilling's shares have increased approximately 80% since their listing in October 2021.
May 22, 2024
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