ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sold a 3 percent stake in its logistics and shipping subsidiary, ADNOC Logistics & Services (ADNOC L&S), for approximately AED 1.16 billion ($316 million). The placement of 222 million shares to institutional investors was significantly oversubscribed by seven times within a four-hour accelerated bookbuild, a high for a secondary sell-down in the region. The transaction, priced at AED 5.25 per share, will increase ADNOC L&S's free float to 22 percent, a key step toward achieving MSCI index inclusion. This move is part of ADNOC's strategy to boost shareholder value and attract international investment. Previous share placements for other ADNOC-listed companies have resulted in increased trading volume, foreign ownership, and analyst coverage. ADNOC L&S has shown strong performance since its public listing in June 2023, with a total shareholder return exceeding 170 percent.