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UAE/ Saudi Arabia: Adnoc listing offers valuation lesson for Aramco

Shares in Adnoc Distribution – the fuel retail arm of the Abu Dhabi national oil company – began trading on the Abu Dhabi Securities Exchange (ADX) on 13 December, marking a watershed moment for the UAE’s oil sector. The shares were priced at Dh2.50 each, which was in the middle of the final book-building range of Dh2.35-2.65 and significantly below the initial upper range it had been seeking of Dh2.59 a share.

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