Abu Dhabi National Oil Company, ADNOC, will announce the price range of its fuel distribution business, ADNOC Distribution, on November 26.

ADNOC has announced recently its plans to sell at least 10 percent of its stake in its fuel retail business in an initial public offering, IPO. The listing will be on the Abu Dhabi bourse and will be subject to relevant regulatory approvals, including those by the UAE Securities and Commodities Authority, and the Abu Dhabi Securities Exchange, ADX.

Mohamed Al Hashemi, Director of the Investment Department at ADNOC Group, has stated that the nominal value of the share, which is 8 fils, is not the market value of ADNOC Distribution's share and therefore it does not reflect the real value of the company's share that will be traded on ADX .

"The nominal value of the share has been reduced to 8 fils from AED 1 to encourage the largest possible segment of investors to participate in the planned IPO, " he added, noting that the par value does not reflect the market value of the share which is expected to be among the highest on the market on the back of its the company's prominent market position.

ADNOC Distribution is the UAE’s largest fuel distributor and convenience store operator.