Abu Dhabi's Mubadala sells 4.5% Oil Search stake for $275mln

Abu Dhabi state investor Mubadala has sold around 4.5% of Oil Search Ltd for $274.82mln

  
A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

Mubadala/ Handout via Zawya

Abu Dhabi state investor Mubadala sold a 4.5% stake in Oil Search Ltd for A$362.8 million ($274.82 million), the oil and gas producer said in a filing late on Thursday.

Mubadala, an investor since 2008, sold 94 million shares on Tuesday, the filing showed, lowering its stake to 4.94%, below the 5% threshold to be considered a substantial shareholder in Australia.

The state fund did not immediately respond to a request for comment.

Mubadala, which initially bought a 17.6% stake in 2008, declined to participate in a A$1.16 billion capital raise conducted by Oil Search in April 2020.

The state fund's representative, Bakheet Al Katheeri, also stepped down from Oil Search's board, the company said in a separate statement earlier on Thursday.

($1 = 1.3201 Australian dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shounak Dasgupta) ((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN))


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