Abu Dhabi National Oil Company P.J.S.C. (ADNOC) has announced that its acquisition of OCI’s 50 percent + 1 share stake in Fertiglobe, initially disclosed in December 2023, has received all necessary approvals and is set to finalize on Tuesday, October 15, 2024.
In preparation for the closing, a block trade will take place on the Abu Dhabi Securities Exchange (ADX) today, Friday, October 11, 2024, with settlement scheduled for Tuesday, October 15.
Once the transaction is completed, ADNOC’s ownership in Fertiglobe will rise to 86.2 percent, while the free float on the ADX will remain at 13.8 percent. Fertiglobe management will conduct a webcast for investors and analysts on Tuesday, October 15, where they will outline the company’s vision for further growth and value creation. Fertiglobe will provide details about the webcast soon.
Read more: ADX records 15 major deals on ADNOC Gas and Modon valued at $724.2 million
Largest digital library
Earlier this week, ADNOC Gas launched one of the largest digital libraries in the energy sector, which includes essential components that can be produced on demand using advanced three-dimensional (3D) printing technology. Over 3,500 items have been scanned and securely stored in this digital repository, projected to yield a financial benefit of $50 million for ADNOC Gas by 2028.
The integration of 3D printing technology offers a sophisticated digital solution for the rapid production of high-quality components, facilitating seamless operations while bolstering ADNOC’s broader strategy to enhance the use of advanced technologies and artificial intelligence (AI) for maximizing value.
For more news on energy, click here.
