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

Gulf bank rates

Gulf banks face margin squeeze as funding costs rise

Gulf banks are likely to offer more attractive rates on savings accounts to woo depositors, putting more pressure on lenders’ already tight net interest margins, a report suggests. The move towards higher interest rates for savers is predicted to become more pronounced as expectations of imminent rate cuts by the US Federal Reserve fade. Benchmark interest […]

Mubadala Investment Company CEO Khaldoon Khalifa Al Mubarak. The Abu Dhabi wealth fund is selling some GlobalFoundaries shares two years after the US company went public

Mubadala trims stake in US chipmaker GlobalFoundries

Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries.  A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […]

Saudi arabia water

$4bn set aside for Saudi water projects

Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week.  Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […]

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]