Fertiglobe completes the subscription and lists its shares in Abu Dhabi...

Fertiglobe completes the subscription and lists its shares in Abu Dhabi...
Fertiglobe completes the subscription and lists its shares in Abu Dhabi...
The shares of Fertiglobe, a subsidiary of ADNOC and OCI, which specializes in the fertilizer industry, were officially listed on the Abu Dhabi Securities Exchange, becoming the first company operating under the free zone system to be listed in the capital markets in the UAE.
Sharjah 24- WAM:

Fertiglobe, a subsidiary of ADNOC and OCI, which specializes in the fertilizer industry, has officially announced the listing of its shares on the Abu Dhabi Securities Exchange, becoming the first free zone company to be listed in the UAE capital markets.

The IPO of Fertiglobe, which is considered the third largest in the history of the Abu Dhabi Securities Exchange, witnessed a great turnout, especially from the segment of investors in the UAE and international investment institutions eligible for the subscription.

The offering, upon final settlement on the Abu Dhabi Securities Exchange, collected total revenues of 2.9 billion dirhams ($795 million), and the total demand amounted to more than 64 billion dirhams ($17.4 billion), which is 22 times the total target value, and 32 times for the segment of investors from Eligible institutions, not counting major strategic investors.

Fertiglobe shares will start trading on the Abu Dhabi Securities Exchange at 2.55 dirhams per share. Accordingly, the market value of Fertiglobe upon listing is approximately 21.2 billion dirhams (approximately $5.8 billion).

His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, and Chairman of the Board of Directors of Fertiglobe, before the bell ringing ceremony marking the start of trading, said that the IPO of Fertiglobe shares confirms the success of ADNOC’s firm commitment to contribute to building a more active and better economy. globally, supporting and encouraging the private sector, developing the country’s stock markets and expanding its activities, in line with the fiftieth principles document.

He said: “In line with the leadership’s vision of strengthening the UAE’s position as one of the most important destinations for attracting foreign direct investment, the listing of Fertiglobe is expected to advance towards this goal. This achievement also represents a new step in ADNOC’s strategy to create and enhance value, by providing more Opportunities for local and global investors to take advantage of promising growth opportunities in the low-carbon ammonia and emerging hydrogen economy.

Fertiglobe is the world’s largest marine exporter of urea and ammonia, the largest producer of nitrogen fertilizers in the Middle East and North Africa region by production capacity, and one of the leading companies in the clean ammonia field.

The high demand for the company’s shares confirms the attractiveness of its business model, the promising growth and expansion opportunities in light of the increasing demand for carbon-free ammonia, in addition to the company’s attractive dividend policy and its ability to manage and transfer free cash flows at the level of different commodity cycles.

Vertiglobe expects to pay a dividend of at least 735 million dirhams ($200 million) in April 2022, for the second half of 2021, and a dividend of at least 1.468 billion dirhams ($400 million) for the 2022 fiscal year.

His Excellency Mohammed Ali Al Shurafa Al Hammadi, Chairman of the Abu Dhabi Securities Exchange Board of Directors, congratulated; Fertiglobe has announced the successful public offering and listing of its shares on the Abu Dhabi Securities Exchange, providing a unique opportunity for investors looking to benefit from the growing global demand for clean ammonia.

Al Shurafa said: “The strong turnout for this IPO is a clear indication of the leading position that the company enjoys in an industry that is witnessing rapid growth and awaiting promising prospects. This IPO is of particular importance at the level of the UAE, where Fertiglobe became the first free zone company to list its shares on the stock exchange. local, in addition to being the third largest listing ever in the history of the Abu Dhabi Securities Exchange.

For his part, Nassef Sawiris, CEO of OCINV Ltd and Vice President of Vertiglobe, stressed that the success of Vertiglobe’s initial public offering and the high demand for the company’s shares is a new historical achievement added to the record of the Emirate of Abu Dhabi’s achievements, and it is another evidence of the success of the market. Abu Dhabi Securities Exchange and its role as an important financial platform in the region, also confirms the strength and robustness of the strategic partnership between ADNOC and OCI.

Nassef Sawiris said: “We are proud of Fertiglobe’s contribution through this subscription to the growth of the UAE economy and the Abu Dhabi Stock Exchange, and to the strengthening of its position in global markets. We also welcome our new shareholders and thank them for their valuable confidence in our company and their belief in our growth strategy.”

Ahmed Al Hoshi, CEO of OCINN and CEO of Vertiglobe, expressed his happiness with the company’s achievement today, and the great support provided by the Abu Dhabi Global Market, given the distinction of its public offering as the first public offering of a company operating under the free zone system.

Hoshi said: “Fertigglobe has a proven track record of achievements, as the company is characterized by a number of unique factors in terms of low cost, the strategic geographical location of its production facilities, in addition to long-term contracts to supply raw materials from gas at competitive prices, which supports our capabilities to achieve free cash flows. Apply an attractive dividend policy.

He added, “We are looking forward to new opportunities in the field of low-carbon ammonia, especially as we have advantages and elements that qualify us to seize the many opportunities available in the emerging hydrogen economy. Thanks to our world-class team and the continuous support of our investors, we look forward to achieving more successes in the future.”

The success of Fertiglobe’s offering and the start of trading of its shares on the Abu Dhabi Securities Exchange reflects the attractiveness of financial investment opportunities related to the private sector in the UAE, as well as the development and diversity of local financial markets, which was represented in the main investment in the subscription made by the Abu Dhabi Pension Fund; Singapore’s Sovereign Wealth Fund, and US Inclusive Capital Partners.

Saeed Hamad Al Dhaheri, CEO of the Abu Dhabi Securities Exchange, expressed his pride in contributing to the success of the initial public offering of a leading Emirati company the size of Fertiglobe, and facilitating its access to a wide base of regional and international investors.

Al Dhaheri said: “The increasing demand of local companies to list in the market is one of the fruits of our ambitious strategy ADX One, which we launched at the beginning of this year with the aim of increasing the market value of the shares listed in the market by creating more opportunities for investors and providing a smooth experience for companies looking to move their growth path towards Broader prospects The level of demand for shares of Abu Dhabi companies continues to rise, which is reflected in the record levels we recorded in 2021 in terms of investor activity and market value.

We look forward to supporting Fertiglobe in writing a new chapter in its success story as a listed company and welcome other free zone companies looking to benefit from the benefits of listing on the Abu Dhabi Securities Exchange.”

The final price of the offering was set on October 20, 2021 at 2.55 dirhams per share in the middle of the price range with the aim of encouraging and providing an attractive investment opportunity for new investors.

The size of the first tranche “allocated to individual investors in the UAE” was set at 10% of the total size of the offering, and the second tranche “allocated to qualified local and international institutional investors” was set at 90% of the total size of the offering.

Today, Wednesday, the listing of Fertiglobe shares will begin for trading on the Abu Dhabi Securities Exchange at 10:00 am, according to the applicable regulations, under the symbol “FERTIGLB” and “ISIN” “AEF000901015”.

These were the details of the news Fertiglobe completes the subscription and lists its shares in Abu Dhabi... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Saudi Arabia’s NDMC closes funding activities for 2022 debt repayments at $11bn
NEXT Sustainable beauty: Capturing a rising demand for conscious living

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]