Adnoc Drilling Company PJSC revealed on Monday that its shares have been chosen for inclusion in the MSCI indexes, effective after the market closes on August 30, 2024. Adnoc Drilling will be added to the MSCI Indexes, including MSCI EM and MSCI UAE, once it meets the required criteria. The company will join as the 12th member of the MSCI UAE index.
Abdulrahman Abdulla Al Seiari, CEO of Adnoc Drilling, expressed his pride in this achievement, stating that it will enhance the visibility of Adnoc Drilling's unique business model and return profile to global markets, thereby expanding and diversifying its investor base. This milestone reflects the company's dedication to operational excellence, safety, sustainable growth, and investor focus, supported by its shareholders.
In May, Adnoc completed a placement of 880 million shares in Adnoc Drilling to institutional investors, raising $935 million, which constituted 5.5% of the company's total issued and outstanding share capital. This transaction increased the company's free float to 16.5%, enabling it to fulfill all the requirements for MSCI Index inclusion.
Inclusion in MSCI indexes enhances a company's visibility among global investors and boosts its credibility in financial markets. The addition of Adnoc Drilling's stock is anticipated to increase liquidity, driven by passive inflows and potential interest from active institutional investors tracking MSCI indexes.
The MSCI Emerging Markets Index (MSCI EM) includes large and mid-cap companies across 24 Emerging Markets countries. The MSCI UAE Index is designed to assess the performance of the large and mid-cap segments of the UAE market.
