The UAE company ADNOC is close to completing the construction of Vertiglobe, in a move that supports its strategy aimed at establishing a global platform for the production of chemicals.
Abu Dhabi National Oil Company announced today, Friday, October 11, 2024, that its purchase of OCA’s stake (50% + one share) in Vertiglob has received all necessary approvals, and is expected to it will be ready on Tuesday, October 15, 2024.
Before the deal is completed, according to a statement seen by the Special Energy Platform (based in Washington), a large trading transaction will take place on the Abu Dhabi Securities Market today, Friday, October 11, 2024, and will be settled next Tuesday. .
Vertiglob construction supports plans ADNOC Emirates, to expand its business locally and internationally by implementing strategic mergers and acquisitions, to implement its ambitious plans to expand its business in chemicals field, to meet the growing demand for petrochemicals and low-carbon hydrogen, and to contribute to the global promotion of efforts to reduce emissions.
Contract vertiglobe
Following the completion of the transaction, ADNOC’s interest in “vertiglob” to 86.2%, while the percentage of free shares traded on the Abu Dhabi Securities Market will remain at 13.8%.
Vertiglob management will host an information session (remote) for investors and analysts on Tuesday, October 15, 2024, to review the company’s plan to further grow, increase and increase value, and session details will be announced in due course.
One of Vertiglob’s factories – archive
In December, ADNOC announced the conclusion of a sale and purchase agreement (“Sale and Purchase Agreement” or “Agreement”) under which it would acquire OCA’s entire interest in Abu Dhabi-listed Vertiglobe, which is the the world’s largest marine exporter of both urea and ammonia, is the largest producer of nitrogen fertilizers in the Middle East and North Africa and a leader in the field of stabilized ammonia, and owns facilities in the Emirates, Egypt and Algeria.
The acquisition agreement supports ADNOC’s ambitious strategy to grow its chemicals business, and furthers its plans to create a global growth platform for the production of ammonia, which is a low-carbon fuel carrier and hydrogen which is expected to play a key role in achieving a shift in the energy sector.
Vertiglob stock price history
Under the agreement, ADNOC will purchase OCI’s entire stake in Vertiglob (50% + one share) at a price of AED 3.20 per share, representing a total purchase price of AED 13.28 billion ($3.62 billion). In addition to the value paid, the agreement includes an “earnings tool” for OCA for FY2024 and FY2025, linked to commodity prices and free cash flow performance of Vertiglobe’s business during this specified period.
The deal supports Vertiglobe’s future growth plans, accelerates its efforts to capitalize on new product opportunities and enter developing markets, and expands its focus on clean ammonia as a promising hydrogen transport fuel.
ADNOC’s strategy focuses on expansion and growth at local and international levels in the chemicals sector, to ensure that its business is future-proof, and to generate sources of income. create new ones.
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2024-10-11 08:25:00
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