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  • 14-03-23

    UAE’s ADNOC Gas stake rate rises 20 percent in opening minutes of its debut on ADX

    (MENAFN) The stake cost of ADNOC Gas, a subsidiary of Abu Dhabi National Oil Co., rose higher than 20 percent in its initial debut minutes on the Abu Dhabi Securities Exchange market.

    The firm’s first public offering was listed at 2.37 dirhams (USD 0.65) and surged to 2.84 dirhams, bringing the firm’s market worth to 217.9 billion dirhams, as shown by ADX figures.

    ADNOC Gas presented 3.84 billion stakes in its recording, indicating 5 percent of the firm’s overall stakes, and surged USD2.5 billion via its offering.

    The firm took the position of biggest IPO on the Abu Dhabi Stock Exchange exceeding Borouge, an additional ADNOC subsidiary.

    “As ADNOC Gas moves into life as a listed company, we remain focused on our clear growth strategy, underpinned by upstream capacity expansion, which will allow us to process and deliver increased volumes to customers, further enhancement of our product mix and ensuring we deliver for our growing number of international customers as demand for gas continues to increase,” according to Ahmed Alebri, current head executive of ADNOC Gas.

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