Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company’s (ADNOC) announcement concerning the launch of a distribution unit’s IPO priced at AED 0.08 per share stirred up a controversy among investors.

The companies’ law stipulating that par value must not be less than AED 1 may stoke controversy, according to Albayan newspaper.

On the other hand, some experts commented that ADNOC is not obligated to abide by this law, as Commercial Companies Law of 2015 excludes public companies from it, Albayan added.

ADNOC stated that its capital estimated at AED 1 billion, divided on 12.5 billion shares with AED 0.08 par value.

The UAE-based company announced that it will offer 10% to 20% of its shares in IPO, adding that all the offered shares would be ordinary.