Adnoc plans to announce the final pricing on Dec. 8. REUTERS/Stringer
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Abu Dhabi National Oil Co. plans to raise as much as 3.31 billion dirhams ($902 million) from the initial public offering of its fuel-retailing unit after lowering the top end of the offer price and deciding to only sell a 10 percent stake. The crude producer reduced the price range to 2.35 dirhams to 2.65 dirhams for the shares of Abu Dhabi National Oil Co. for Distribution PJSC, according to terms seen by Bloomberg News. Emaar Properties PJSC raised $1.3 billion from the sale of shares in its development unit last month, while Mubadala Investment Co. expects to IPO its Emirates Global Aluminium unit next year.The Adnoc Distribution IPO is being coordinated by Citigroup Inc., First Abu Dhabi Bank PJSC, HSBC Bank PLC and Merrill Lynch International.
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