Mubadala sells stake in Oil Search for $275 million

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Papua New Guinea-based Oil Search said in a statement today, Thursday, that the Abu Dhabi government’s Mubadala investment fund sold about 4.5% of the company for 362.8 million Australian dollars (274.82 million dollars).

The disclosure showed that Mubadala, which has been investing in Oil Search since 2008, sold 94 million shares on Tuesday and reduced its stake to 4.94%, below the 5% threshold required to be a major shareholder in Australia.

Mubadala did not respond to a request for comment.

Mubadala, which initially bought a 17.6 percent stake in 2008, declined to participate in the A$1.16 billion capital increase that Oil Search implemented in April 2020.

Oil Search said in a separate statement earlier today, Thursday, that the representative of the government fund, Bakheet Al Kathiri, also resigned from its board of directors.

AndToday tooThe Russian EN+ Group announced that Mubadala had bought a 2.6% stake in the Russian group, which owns a large stake in the aluminum producer Rusal.

EN+ added that Mubadala had bought the stake from Polina Yumasheva, the ex-wife of Russian businessman Oleg Deripaska, who is under US sanctions.

After the deal, its stake in “EN+” decreased to 2.58%.

Mubadala’s investment in Russia’s EN+ is a new addition to its growing global investments in the consumer sector, through world-leading companies such as Reliance Retail Ventures Limited, Kubang, and Turk Hero.

Mubadala focuses on investing in organizations that are led by distinguished teams and are well positioned in attractive markets with strong growth opportunities.

Mubadala Investment Company is a sovereign investment company, managing a global business portfolio, and its mission is to achieve sustainable financial returns for the government of Abu Dhabi.





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