Demonstrating the complicated holding structures employed by Abu Dhabi, the disclosure showed that 758,437,618 shares were “legally owned by PCP Gulf Invest 3 Limited, which is wholly owned by Nexus Capital Investing Limited (NCIL). NCIL is in turn wholly owned by Abu Dhabi International United Investments LLC, which is in turn wholly owned by His Highness Sheikh Mansour Bin Zayed Al Nahyan (HHSM)”.
It is unclear what has happened to the Abu Dhabi stake. There was a 7 per cent slump in Barclays’ share price in the days running up to disclosure of the sale of the shareholding on June 26, suggesting at least some of it may have been placed in the market.
However, bankers said elaborate hedging mechanisms meant a large chunk of the stake’s economic value was already unconnected to Abu Dhabi, minimising the share price impact of the divestment.
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