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WorldMiddle EastAl-Masabi: Jump in ADNOC Supply shares reflects investor confidence

Al-Masabi: Jump in ADNOC Supply shares reflects investor confidence

Al-Masabi added in an interview with ‘Sky News Arabia’ that the IPO of the ‘ADNOC’ affiliate is a defining moment in the company’s history as it boosts investor confidence. in society and its ambitious strategic plans for growth.

Thursday, the action of ADNOC Logistics and Services jumped, during its first day of listing on the Abu Dhabi market, to 3.13 dirhams at the end of the session, an increase of 55.7% compared to the final offer price of 2.01 dirhams, which pushed the company’s market value jump from 14.87 billion dirhams at the IPO to 23,157. One billion dirhams at the end of the session.

Today, shares of the company “ADNOC Supply and Services” started trading on the Abu Dhabi Stock Exchange, after the closing of the historic IPO, which saw exceptional demand, making it the highest public subscription demand in the world in 2023, and the second largest listing in the Middle East and North Africa region this year so far after the IPO of ADNOC Gas in last March.

The offering attracted total investor demand that exceeded 460 billion dirhams and exceeded the target value by 163 times, making it the highest level of exceeding the target value ever to establish a price for an offer. public in the UAE.

The company intends to pay dividends of 716 million dirhams ($195 million) for the second quarter and second half of 2023, which equates to annual dividends of $260 million. After that, the company plans to increase dividends by at least 5% per year.

The company’s CEO told ‘Sky News Arabia’ that the stock’s rise on day one ‘reinforces confidence in ADNOC companies and the listings they have offered over the past few years, which have raised over $8 billion. billion, and collection of applications exceeded $385 billion, reinforcing ADNOC’s pivotal role in building international investor confidence in the Abu Dhabi Stock Exchange and UAE markets in general .

He added that “ADNOC Supply and Services” has proven in recent years that it has ambitious strategic plans for growth and is capable of implementing these expansions in the company’s activities.

He pointed out that the company has a solid and ambitious medium-term growth plan, with a capital of between 4 and 5 billion dollars.

He said that the company aims to geographically expand its business regionally and internationally and strengthen its business in the field of providing logistics solutions to ADNOC companies and other customers, in addition to expanding the provision of logistics solutions. low carbon.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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