Mubadala sells 4.5% stake in Australia’s Oil Search for $275m

A Mubadala Development Co. employee pauses near the company's logo at their exhibition booth during the Singapore Airshow in Singapore. Photographer: JONATHAN DRAKE/Bloomberg

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.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.