Abu Dhabi's ADNOC cuts indicative price range for unit's IPO as market sags

Abu Dhabi's ADNOC cuts indicative price range for unit's IPO as market sags:

"Abu Dhabi National Oil Co (ADNOC) has cut the price range for an initial public offer of shares in its fuel distribution unit and will sell only a 10 percent stake in the unit, valuing the potential deal at $900 million.

United Arab Emirates stock markets have been hit hard this year by subdued economic growth due to low oil prices, a weak real estate market and geopolitical tensions in the Middle East.

Abu Dhabi’s state-owned oil firm had indicated last month that it could sell as much as 20 percent of ADNOC Distribution at a higher price range, which would have valued the deal as high as $2 billion, making it the UAE’s biggest IPO since 2007."



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