Abu Dhabi - Mubasher: Finance House announced on Wednesday its participation as a ‘Receiving Bank’ in the Initial Public Offering (IPO) of Abu Dhabi National Oil Company's distrbution unit (ADNOC Distribution).

The company’s chairman, Mohammed Abdulla Jumaa Alqubaisi said that “Finance House has an extended experience in IPO Administration, providing a full service offering to companies in support of raising equity capital from markets in UAE,” according to the company's statement.

“Our participation in this IPO reflects Finance House’s continuous efforts to support the development of the UAE national economy and follow the wise policy and vision of its leadership,” he added.

ADNOC has recently unveiled plans to launch part of its distribution unit shares via an IPO on the Abu Dhabi Securities Exchange (ADX) starting 26 November 2017 until 6 December 2017.

ADNOC is offering 1.25 billion to 2.5 billion shares of its fuel-station business at a par value of AED 0.08 per share, representing 10% to 20% of ADNOC distribution’s total issued shares.