ADNOC Logistics & Services (ADNOC L&S) has acquired 11 gas and crude carriers for approximately USD 1.3 billion to expand its shipping capacity and support ADNOC Group’s exports, ADNOC L&S said on Friday.
The transaction is expected to increase the free float of ADNOC L&S shares to around 22%. In a pre-offering statement, ADNOC L&S indicated that it aims to increase the trading liquidity of its shares as a pathway to inclusion in the MSCI Emerging Market Index, which would help diversify the company’s shareholder base.