Adnoc Distribution increases liquidity with $1bn club deal

By Sam Kerr
15 Sep 2020

Abu Dhabi National Oil Co sold $1bn worth of shares in Adnoc Distribution, its listed chain of petrol stations and shops, through an institutional placement on Monday night, the largest ever block trade by a listed company from the Gulf Cooperation Council area.

Citi and First Abu Dhabi Bank were the joint bookrunners on the deal, Moelis & Company acted as adviser.

The company sold 1.25bn shares, or 10% of its share capital, at Dh2.95 ($0.80) a share, a 5% discount to the company’s three-month volume weighted average price and a 9.2% ...

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