Abu Dhabi-based Alpha Dhabi Holding, a subsidiary of Abu Dhabi’s International Holding Company (IHC) has announced its decision to exit its 11% equity stake in OCI’s Global Methanol Business, known as OCI Clean Fuels Limited, following the company’s acquisition by Canada’s Methanex.
The ADX-listed investment conglomerate stated that the divestment is part of a larger transaction in which OCI Global sold its stake in the methanol business to Methanex in a $2.05 billion deal. The methanol unit is 85% owned by OCI and 15% by its partners, Alpha Dhabi Holding and ADQ.
As part of the agreement, OCI Global will receive $1.15 billion in cash along with 9.9 million common shares of Methanex. This will make OCI Global the second-largest shareholder in Methanex with a 13% stake.
The transaction, expected to close in 2025, is subject to antitrust regulatory approvals, OCI shareholder approval, and other customary closing conditions.
Earlier this year, ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), and Alpha Dhabi Holding announced a substantial expansion of their investment in the oil and gas engineering sector.
Through their joint venture, Enersol, the two companies agreed to acquire an additional 42.2% equity stake in Gordon Technologies for $270 million. This acquisition increased Enersol’s total ownership of the company by 67.2%, making it the majority shareholder.
The transaction, disclosed in a regulatory filing on the Abu Dhabi Securities Exchange (ADX), follows earlier investments in Gordon Technologies. Alpha Dhabi, initially purchased a 25% stake in the company for $164 million in November 2022.
Earlier this year, ADNOC Drilling and Alpha Dhabi formed the Enersol joint venture, with Alpha Dhabi contributing its 25% stake to the partnership.
