Dubai: ADNOC Distribution, the UAE’s largest fuel and commodity retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), today announced that it will be included in the FTSE Emerging Markets Index (EM) from September 16. Inclusion 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 this widely followed 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.
Following the inclusion of ADNOC Distribution in the MSCI EM Index in May, the FTSE EM Index marks another milestone in the successful history of ADNOC Distribution shares. This will continue to improve the investment attractiveness and visibility of the company to global investors, attracting more foreign contributions into ADNOC Distribution’s shares.
– Ing. Bader Saeed Al Lamki, CEO, ADNOC Distribution
In September 2020, ADNOC successfully completed a private placement of 1.25 billion ADNOC Distribution shares (valued at $ 1 billion) with institutional investors, bringing the company’s free float to 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.
ADNOC will retain a strategic stake of at least 70 percent.