Mubadala sells 4.5 percent Oil Search stake for $275m

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Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has offloaded A$363 million ($274.82 million) share in Oil Search, which has major stakes in Papua New Guinea’s emerging liquefied natural gas (LNG) sector.

Mubadala sold a 4.5 percent stake in Oil Search Ltd, the oil and gas producer said in a filing late on Thursday. Mubadala, an investor since 2008, sold 94 million shares on Tuesday, the filing showed, lowering its stake to 4.94 percent, below the 5 percent threshold to be considered a substantial shareholder in Australia.

Mubadala, which initially bought a 17.6 percent stake in 2008, declined to participate in a A$1.16 billion capital raise conducted by Oil Search in April 2020.

The state fund’s representative, Bakheet Al Katheeri, also stepped down from Oil Search’s board, the company said in a separate statement earlier on Thursday.

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