ADNOC Drilling company has announced that its shares have been selected for inclusion in MSCI's prestigious indices after the close of the effective market on August 30, 2024.
Publish dateWednesday 14 August 2024 - 12:28
According to the announcement, in May 2024, ADNOC has successfully sold 880 million shares in ADNOC Drilling for $935 million to institutional investors.
This performance represents 5.5% of ADNOC Drilling's total issued and outstanding capital and increases the company's free float to 16.5%.
Inclusion in MSCI indices provides greater visibility among global investors and increases the stock's credibility in financial markets.
The inclusion of ADNOC drilling shares is expected to boost liquidity given the expected passive inflows as well as the potential appetite of active institutional investors who track the MSCI indices.
The MSCI Emerging Markets Index (MSCI EM)) represents large and mid-cap companies in 24 emerging market (EM) countries.
The MSCI UAE index is designed to measure the performance of the large and medium segments of the UAE market.
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Source : news agency wam
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