The Finance World Magazine| Edition: April 2023

according to the press release.
Moreover, it supplies over 60% of
the UAE’s sales gas demand, has a
diverse customer base in more than
20 countries, and earned an adjusted
revenue (as defined in the International
Offering Memorandum) of $21.1B and
net income of $4.2B for the ten months
ended on 31 October 2022. The company
is strategically positioned to benefit
from the growing global demand for
natural gas and is committed to future
ADX continues to
showcase its ability
to deliver value as
both a leading market
for issuers and a
global destination for
investor capital.
(Saeed Hamad Al Dhaheri, CEO &
MD of ADX)
dividend payouts, the PR says.
The Company plans to distribute
dividends of $1.625B in Q4 2023 for
the first half-yearly period ended 31
December 2023 and an additional
$1.625B in Q2 2024 for the second
half-yearly period. It aims to boost its
annual dividend target of $3.25B (equal
to the yearly dividend for 2023) by 5%
per year on a per-share basis between
2024 and 2027.
His Excellency Hisham Khalid Malak,
Chairman of ADX, said: “ADNOC
Gas’ highly successful IPO is not only
testament to the company’s strong
growth and value proposition, but also
speaks to the strong confidence in the
Emirate’s robust market fundamentals
and status as a premier investment
destination.”
ADNOC Gas is the fifth company
that ADNOC has successfully brought
to market, and the IPO’s outstanding
achievement is the result of its ongoing
value creation initiative. ADNOC has
played a significant role in supporting
the growth and development of the UAE
economy and its capital markets. As
part of this growth program, ADNOC
will continue to find ways to expand its
investor base and access to capital, as
the PR states. This approach will give
both domestic and foreign investors the
chance to invest in ADNOC’s top-notch
energy assets.
Ahmed Alebri, Acting Chief Executive
Officer of ADNOC Gas, added: “As
ADNOC Gas moves into life as a listed
company, we remain focused on our
clear growth strategy, underpinned by
upstream capacity expansion, which
will allow us to process and deliver
increased volumes to customers, further
enhancement of our product mix and
ensuring we deliver for our growing
number of international customers as
demand for gas continues to increase.”
According to the aforementioned
PR, ADNOC and ADNOC Gas have
a steadfast dedication to achieving
sustainable growth and long-term
advantages for Abu Dhabi, the UAE,
and their investors. Trading of ADNOC
Gas’ shares on the ADX began at 10:00
AM (GST) on March 13, 2023, using
the ticker symbol “ADNOCGAS” and
ISIN “AEE01195A234”. Following the
Admission, ADNOC controls about 90%
of ADNOC Gas’ issued share capital.
Moelis & Company UK LLP DIFC
Branch acted as the Independent
Financial Advisor to the Company.
First Abu Dhabi Bank PJSC and HSBC
Bank Middle East Limited served as
the Joint Global Coordinators for the
ADNOC Gas IPO. Joint Bookrunners
were Abu Dhabi Commercial Bank
PJSC, Arqaam Capital Limited, BNP
PARIBAS, Deutsche Bank AG, London
Branch, EFG-Hermes UAE Limited
(working in conjunction with EFG
Hermes UAE LLC), and International
Securities L.L.C.
Additionally, First Abu Dhabi Bank
PJSC acted as the Lead Receiving Bank,
while Abu Dhabi Commercial Bank
PJSC, Abu Dhabi Islamic Bank PJSC,
and Al Maryah Community Bank served
as the Receiving Banks. Moreover, the
Offering has received a confirmation
from the Shariah Supervision Committee
of First Abu Dhabi Bank PJSC that it is
in compliance with Shariah principles.
April 2023 www.thefinanceworld.com 77