ADNOC to sell 3% stake in logistics and services unit via bookbuild offering

DUBAI: The United Arab Emirates state oil company ADNOC is selling an around 3% stake in its logistics and services unit in ADNOC L&S through a bookbuild offering, it said on Thursday.

The stake, of up to 222 million shares, will be offered to professional investors in the UAE and institutional investors “elsewhere”, ADNOC said in a statement.

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The deal is expected to increase ADNOC L&S’s free float to 22% and “enhance the trading liquidity” of shares in the unit.