Reported 5 months ago
Abu Dhabi's Adnoc, the United Arab Emirates' largest oil company, is offering a 5.5% stake in its drilling unit to investors, aiming to raise about $900 million through the sale. The stock closed at 4.13 dirhams, valuing the offering at around $898 million, with strong investor interest leading to oversubscription within an hour of the deal's launch. Adnoc is capitalizing on a surge in its share price since its listing in 2021, with plans to widen its shareholding and raise liquidity through this rare secondary share sale in the Gulf region.
Source: YAHOO