Adnoc Distribution in MSCI EM index
ABU DHABI: Adnoc Distribution announced on Wednesday that Morgan Stanley Capital International (MSCI) has included Adnoc Distribution as part of its prestigious MSCI Emerging Markets Index with effective date of 27 May 2021.
Adnoc Distribution was included in the MSCI EM Index ater meeting the necessary requirements and will now be among nine UAE listed companies to be part of the MSCI EM index which is most widely tracked by global institutional investors. The inclusion is expected to increase the atractiveness of Adnoc Distribution’s shares to potential international investors and thus further diversifying the Company’s investor base.
Ahmed Al Shamsi, Acting Chief Executive Officer of Adnoc Distribution said: “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 IPO. We remain focused on delivering strong and stable returns as we continue to grow our international investor base.”
In September 2020, Adnoc successfully completed a private placement of 1.25 billion of Adnoc Distribution shares (valued at $1 billion) to institutional investors, increasing the Company’s free-floating equity to 20%. This placement was the largest block placement of a publicly listed GCC company and leveraged on significant investor demand for Adnoc Distribution shares, driven by its atractive value proposition. This transaction also diversified the Company’s shareholder base and allowed for greater liquidity of its shares on the Abu Dhabi Securities Exchange.
Adnoc Distribution is the leading fuel distributor and convenience store operator in the UAE. Adnoc Distribution operates 449 retail fuel stations, 332 convenience stores as of 31 March 2021 and is the leading marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE.