Investors Acquire Additional Shares in ADNOC Drilling
ADNOC offered 880 million shares, priced at AED3.90 – nearly 70% above the IPO price of AED2.30 per share.
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The Abu Dhabi National Oil Company (ADNOC) has successfully executed the placement of 880 million shares to institutional investors, representing about 5.5 percent of the company’s total issued and outstanding share capital.
This offering was set at AED3.90 per share, around 70% above the initial public offering price of AED2.30, drawing significant interest from both GCC and international institutional investors. The offering price represented a 5.6% discount to ADNOC Drilling’s closing price on May 22.
Strategic Financial Move by ADNOC
Khaled Al Zaabi, ADNOC Group‘s Chief Financial Officer, commented on the strong market response: “The significant interest our offering generated from both domestic and international investors is testament to ADNOC Drilling’s growth trajectory since its IPO and its exciting future growth potential. “As a committed, long-term majority shareholder, ADNOC looks forward to its continued support of ADNOC Drilling, which is central to ADNOC’s strategic growth initiatives and its role as a key catalyst and critical enabler of the Abu Dhabi financial market.”
This initiative is expected to increase ADNOC Drilling’s free float to 16.5%, with the settlement of the offering anticipated around May 28. A larger free float could also potentially qualify the company for inclusion in the Morgan Stanley Capital International (MSCI) Emerging Market Index at the next quarterly review, assuming all inclusion criteria are met.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
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The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
