ADNOC Distribution of Abu Dhabi included in the FTSE Emerging Markets index
Abu Dhabi-listed fuel retailer ADNOC Distribution announced on Sunday that it will now be included in the FTSE Emerging Markets (EM) Index.
The inclusion will be effective September 16, 2021, at close of business, and is subject to final confirmation by FTSE on September 6.
ADNOC Distribution was included in the FTSE EM Index by FTSE Russell after fulfilling the necessary requirements, and will now be part of the index. The inclusion is expected to increase the attractiveness of ADNOC Distribution’s shares to potential international investors and further diversify the company’s overall investor base, according to a statement.
ADNOC Distribution has been included in the MSCI Emerging Markets Index from May 27, 2021.
Read: ADNOC Distribution from Abu Dhabi to join MSCI Emerging Markets Index on May 27
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “Following the inclusion of ADNOC Distribution in the MSCI EM Index in May 2021, the FTSE EM Index marks another milestone in the successful history of equities. from ADNOC Distribution. This will continue to improve the investment attractiveness and visibility of the company with global investors, attracting more foreign contributions into ADNOC Distribution’s shares.
In September 2020, Abu Dhabi National Oil Company (ADNOC) completed a private placement of 1.25 billion ADNOC Distribution shares (valued at $ 1 billion) with institutional investors, bringing the company’s floating equity at 20%.
In May 2021, ADNOC placed an additional 3% of ADNOC Distribution’s share capital (valued at $ 445 million), further increasing the free float to 23%. It also issued approximately $ 1.195 billion of senior unsecured bonds (the “Exchangeable Bonds”) maturing in 2024, exchangeable into existing shares of ADNOC Distribution, constituting approximately 7% of the share capital of ADNOC Distribution under certain conditions.
Read: Abu Dhabi’s ADNOC Distribution to raise around $ 1.64 billion via combined stock and bond offering
The transaction was the first combined offering of tradable stocks and bonds in the GCC.