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Adnoc Drilling to be added to MSCI’s flagship indexes
ABU DHABI, 29 days ago
Adnoc Drilling has announced that its stock has been selected for inclusion in MSCI indexes effective post market close on August 30, 2024.
ADNOC Drilling will be included in the MSCI Indexes including MSCI EM, and MSCI UAE after meeting the necessary criteria. The Company will become the 12th member of the MSCI UAE index.
Abdulrahman Abdulla Al Seiari, Chief Executive Officer, Adnoc Drilling, said: “We are immensely proud of Adnoc Drilling becoming a new component of the MSCI. This milestone will allow Adnoc Drilling to further broaden and diversify its investor base and make its unique business model and return profile more visible to the global markets. This achievement results from our unwavering commitment to operational excellence and safety, sustainable growth, investor focus and, not least, the continuous support of our shareholders.”
In May 2024, Adnoc successfully completed a placement to institutional investors of 880 million shares in Adnoc Drilling for $935 Million.
This represented 5.5 per cent of Adnoc Drilling’s total issued and outstanding share capital and increased the Company’s free float to 16.5 per cent.
This increase in the free float allowed the Company to meet all the necessary MSCI Index inclusion requirements.
Inclusion in MSCI indexes provides greater visibility among global investors and increases the credibility of the stock in financial markets.
Inclusion of the Adnoc Drilling stock is expected to boost liquidity, given the expected passive inflows as well as potential appetite from active institutional investors tracking MSCI indexes.
The MSCI Emerging Markets Index (MSCI EM) captures large and mid-cap representation across 24 Emerging Markets (EM) countries.
The MSCI UAE Index (MSCI UAE) is designed to measure the performance of the large and mid-cap segments of the UAE market. --TradeArabia News Service