Abu Dhabi: Adnoc Distribution, the retail unit of Abu Dhabi National Oil Company was officially listed on Abu Dhabi Securities Exchange (ADX) on Wednesday. The opening price of the stock was Dh2.90.
Adnoc CEO Dr Sultan al Jaber rang the bell to mark the trading of the stock. Adnoc Distribution raised Dh3.1 billion through an Initial Public Offering that closed last week.
State-owned energy giant Adnoc has said its offering is the largest on the Abu Dhabi stock exchange (ADX) in over 10 years.
Speaking to reporters, John Carey, deputy CEO of Adnoc Distribution said they have a great strategy and are looking to build a sustainable future for their business.
"We are extremely satisfied with the IPO. This has been the largest IPO in Abu Dhabi in over ten years. For the first time, we brought in world class international investors."
On expansion plans, he said they are planning to open two sites in Dubai in 2018 and Saudi expansion will be through a franchise model with partners.
"We have a great position in the UAE. We are looking to grow and move into Dubai," Carey said, "We have a great convenience store network but we are going to transform that and enhance customer experience."
Adnoc Distribution offered 10 per cent of the company through its IPO.
