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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

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10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

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The bank's profit crossed AED 1bn mark for the first time.

ADNOC Drilling IPO raises $1.1bn

Abu Dhabi National Oil Company (ADNOC) placed a $4 billion offer to purchase half of NewMed Energy, an Israeli company.
  • ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors.
  • Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company.

DUBAI: UAE’s state oil giant ADNOC on Sunday said its book-building and public subscription for the Initial Public Offering (IPO) of ADNOC Drilling Company resulted in gross proceeds of more than $1.1 billion.

The company had announced on September 22 that it has increased the number of ordinary shares offered in the IPO of ADNOC Drilling from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, which is 11 percent of ADNOC Drilling’s total issued share capital.

ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors. Total gross demand for the IPO amounted to over $34 billion.

Abu Dhabi Securities Exchange (ADX) said on Sunday ADNOC Drilling would be listed on October 3 and the trading will begin the same day.

Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, will retain its 5 percent shareholding.

Helmerich & Payne (H&P) will hold 1 percent through its IPO cornerstone investment announced on September 8.