STOCK ADNOC Distribution targets 200 fast EV charging points by end of 2024
ADNOC will continue to retain 77 per cent shareholding in its fuel retail subsidairy, ADNOC Distribution. Image Credit: WAM

Dubai: ADNOC, the UAE energy company, has paid off ADNOC Distribution bondholders in full, thus retaining its full ownership of underlying shares in the fuel retailer. The amount paid out was $1.19 billion.

This was for US dollar-denominated senior unsecured bonds in ADNOC Distribution had issued in May 2021. These 'exchangeable bonds' came together with an offering of some 375 million shares in the company.

"On expiry of the option to settle the bond through share conversion on May 4, 2024, ADNOC has settled the bond in cash, having repaid investors a principal amount of $1.195 billion, along with an applicable coupon amount of $4.18 million," said a statement.

Following the full settlement in cash, ADNOC Distribution’s free float remains unchanged at 23 per cent, with ADNOC retaining its 77 per cent majority ownership. "ADNOC reiterates its long-term commitment to ADNOC Distribution, fully supports the company’s growth strategy and firmly believes in its value proposition for all stakeholders," said the statement.

"ADNOC targets to maintain a stable shareholding level in ADNOC Distribution following maturity of the exchangeable bonds."