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ABU DHABI - Shares of the fuel distribution unit of Abu Dhabi National Oil Co made a strong stock market debut on Wednesday, opening 16 percent above their initial public offer price.
ADNOC Distribution opened at 2.90 dirhams against its IPO price of 2.50 dirhams.
Abu Dhabi's state oil firm ADNOC raised $851 million through the sale of a 10 percent stake in its distribution unit.
(Reporting by Stanley Carvalho and Saeed Azhar; Editing by Andrew Torchia) ((Saeed.Azhar@thomsonreuters.com; +65-64035664 ; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
ADNOC Distribution opened at 2.90 dirhams against its IPO price of 2.50 dirhams.
Abu Dhabi's state oil firm ADNOC raised $851 million through the sale of a 10 percent stake in its distribution unit.
(Reporting by Stanley Carvalho and Saeed Azhar; Editing by Andrew Torchia) ((Saeed.Azhar@thomsonreuters.com; +65-64035664 ; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
