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Abu Dhabi's National Marine Dredging doubles investment in ADNOC L&S IPO to $60mln

May 24, 2023
finance & economy

The move is in line with strategy to diversify investment, the company sai

Abu Dhabi-based National Marine Dredging Co. PJSC has doubled its cornerstone investment in the IPO of ADNOC Logistics & Services (L&S) to $60 million, the ADX-listed company said on Tuesday.

The company said investment falls within its framework of implementing a long-term strategy to diversify its business and investments inside and outside the UAE.

ADNOC L&S on Monday raised the size of its stake sale to 19% of total issued share capital from the previously announced 15% citing significant investor demand.