Abu Dhabi, March 6, 2005: The UAE Ministry of Economy & Planning has given initial approval for the incorporation of Aabar Petroleum Investments Company PJSC (under incorporation) (“Aabar”). The company has an initial paid up capital of AED850 million and is to hold a public offering starting at the end of March. Forty five per cent of the capital, or AED 382.5 million, will be placed by Founders starting today (6 March) and will end next week.
The balance of the capital will be open to public subscription following further approval of the final offering documents from the Ministry. The shares are open to UAE Nationals only and are being offered at a nominal value of AED 1 with an additional 2 fils as subscription fees. Following the subscription process, Aabar will be listed on the Abu Dhabi Securities Market.
The main shareholders are prominent UAE businessmen and investors and include The National Investor, Mubadala and ADIC. The objective of Aabar will be to invest in commercial and industrial projects in the oil and gas industry with a primary focus on drilling and related oilfield services inside and outside the UAE.
Commenting on the news, Chairman of the Founders’ Committee, Mr. Sohail Al Mazroui, said: “From its base in Abu Dhabi, Aabar will be acquiring existing companies in the drilling sector and with their own fleet of offshore and onshore rigs. We are bullish about the oil and gas industry and we believe we can capitalize on the existing opportunities by creating the largest public pan-Arab oilfield services company.” With a distinguished track record in leading IPOs and in developing the UAE capital markets, The National Investor is acting as financial advisor, lead manager, and book runner for Aabar.
Commenting on the investment opportunities the IPO will present, Dr. Karim El Solh, Chief Executive Officer, The National Investor, said: “I believe that the subscription will be received positively by investors. It is surprising that while the oil and gas industry forms the backbone of the UAE economy, investors do not have access to investment opportunities in this industry. As a company that is committed to developing the capital markets, this allows us to offer more unique investment choices for the investing public.”
About the National Investor: The National Investor (TNI) is a leading UAE investment and advisory firm with a distinguished track record in fundraising, advisory services, asset management, and private equity investments. The Company is backed by over 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and is currently ranked as the leading arranger of public share offerings, having lead managed the largest number of public offerings in the UAE to date. For more information, please visit www.nationalinvestor.ae.