UAE’s largest fuel and convenience retailer, ADNOC Distribution announced that Morgan Stanley Capital International (MSCI) has added the company to its prestigious MSCI Emerging Markets Index, with an effective date of May 27, 2021.
After meeting the necessary requirements, ADNOC Distribution was included in the MSCI EM Index and will now be one of nine UAE-listed companies to be part of the MSCI EM Index which is the most widely followed by global institutional investors.
The inclusion is expected to increase the appeal of ADNOC Distribution’s securities to potential international investors, broadening the Company’s investor base.
Mr. Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution remarked that “being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative. The inclusion is a testament to the company’s ability to grow and a reflection of its solid performance and resilience since its initial public offering (IPO). We remain focused on delivering strong and stable returns as we continue to grow our international investor base.”
ADNOC completed a private placement of $1 billion ADNOC Distribution shares to institutional investors in September 2020, bringing the company’s free-floating equity to 20 percent. This was the largest block placement of a publicly listed GCC company, and it took advantage of strong investor demand for ADNOC Distribution shares, which was fueled by the company’s attractive value proposition.
The Company’s shareholder base was also diversified as a result of this transaction and allowed for greater liquidity of its shares on the Abu Dhabi Securities Exchange.