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UAE: Adnoc Distribution pricing announced

Abu Dhabi National Oil Company’s retail fuel arm Adnoc Distribution has set a price range of Dh2.35-2.95 ($0.64-0.80) per share in its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The government is planning to sell between 1.25bn and 2.5bn shares in the business, equating to 10-20% of its share capital. The sale could garner $800m-$2bn for the state. The shares are expected to list on the ADX on 13 December.

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African Energy Gulf States Newsletter