ADNOC Logistics & Services made ripples on ADX on its debut, with its share price surging 58 percent above its listing price of AED2.01.
The company shares commenced trading on Thursday, and closed at AED3.13.
As the sixth company that ADNOC has listed on ADX in the past five years, ADNOC L&S’s debut listing performance followed the landmark IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge, and ADNOC Gas.
The company intends to pay a fixed dividend amount of $195 million – equivalent to annualised dividends of $260 million – for the second quarter and the second half of 2023.
Thereafter, the company expects to increase the annual dividend per share by at least 5 percent per annum.
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