Friday, April 19, 2024

FTSE Russell includes 7 UAE shares for its emerging market indices

Date:

Abu Dhabi-Mubasher: FTSE Russell International’s half-yearly review has added 7 Emirati stocks to its indices for large, small and small capital companies.

In an official statement from the FTSE, ADNOC added its distribution share to the cap of large cap companies and the global benchmark index, while ready-made development was added to the very small capital index. Small capital companies.

The FTSE said it had added the smallest capital index, along with Waha Capital, Argon Building Materials, Ross Al Khaimah Ceramics, Palm Sports and Zee Stores..

He noted that the list could be reviewed from next September 20, ie after the end of September 17, until the end of September 3, and that the amendments would take effect on September 6. Final.

The ADNOC distribution is an extension of the FTSE Emerging Markets Index, which, after fulfilling all the conditions for listing by the company, will now become part of this index, which receives widespread attention.

It acts as a swing for global investment firms, making the shares of ADNOC distribution attractive to foreign investors and contributing to the diversification of the company’s investor base..

Badr Saeed Al Lamki, CEO of ADNOC Distribution, said: “The addition of ADNOC distribution to the FTSE Emerging Markets Index follows the inclusion of MSCI in the Emerging Market Index in May 2021.

This will contribute to increasing the flow of foreign investment in shares of ADNOC distribution. This list indicates the successful growth path of the company and its firm position in the fuel supply sector.

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We will focus on improving and modernizing the customer shopping experience, implementing our ambitious strategy and working on our next expansion phase to achieve long-term benefits for our partners..

In September 2020, the Abu Dhabi National Oil Company, ADNOC, successfully completed the private employment of 1.25 billion ADNOC distribution shares (worth US $ 1 billion).

These shares were sold to investment firms; This increased free trade to 20 %

In May 2021, ADNOC provided an additional 3% ($ 445 million value) of ADNOC distribution in registered capital, increasing free trade to 23%.

The process coincided with the issuance of $ 1.195 billion worth of unsecured securities (convertible securities for shares) by ADNOC.

These bonds represent 7% of the registered capital of the ADNOC distribution and are due in 2024..

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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