Skip to content Skip to Search
Skip navigation

Adnoc ups IPO of maritime logistics unit to 19%

WAM
Adnoc L&S plans to pay dividends of $260 million for 2023

Abu Dhabi National Oil Company (Adnoc) has increased the stake size in its maritime logistics subsidiary’s initial public offering (IPO) following high investor demand.

The oil company will now offer 19 percent of Adnoc Logistics & Services (Adnoc L&S) in the IPO, up from 15 percent, potentially raising $769 million based on the top end of the indicated price range.

Adnoc set the price range for the unit at AED1.99 ($0.5420) to AED2.01 per share on May 16. The final offer price is expected to be announced on May 25.

Khaled Al Zaabi, group CFO of Adnoc, said: “We have witnessed exceptional demand across all tranches, with significant interest across the local, regional and global investment community, reflecting Adnoc L&S’ strong growth prospects and a key catalyst to attract a deeper pool of global capital.”

Adnoc L&S has one of the region’s largest and most diverse shipping fleets and is among the largest operators and owners of self-propelled jack-up barges.

In addition to its anchor customer, Adnoc, the company services more than 100 global customers and ships to more than 50 countries through a fleet in excess of 500 vessels, including 245 owned vessels.

Adnoc L&S plans to pay dividends of $260 million for 2023, of which $65 million will likely be paid in October. Another $130 million will be disbursed in April 2024.

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]