Abu Dhabi’s Mubadala sells 4.5% Oil Search stake for $275m

Abu Dhabi’s Mubadala sells 4.5% Oil Search stake for $275m
Mubadala's Bakheet Al Katheeri also stepped down from Oil Search’s board. (Reuters)
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Updated 25 June 2021

Abu Dhabi’s Mubadala sells 4.5% Oil Search stake for $275m

Abu Dhabi’s Mubadala sells 4.5% Oil Search stake for $275m
  • Fund bought 17.6 percent stake in 2008
  • Sale takes stake below 5 percent threshold to be considered a substantial shareholder in Australia

ABU DHABI: Mubadala sold a 4.5 percent 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 percent, below the 5 percent 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 percent 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.