Adnoc Gas joins MSCI Emerging Market Index
The company's inclusion follows its successful $2.84 billion marketed offering of 3.1 billion shares in February, which increased the number of shares available to the public by 80% and helped the stock successfully meet key eligibility criteria for entry into the Index.
This marks a significant milestone in the Adnoc Gas's ongoing efforts to enhance its global investment profile, attract a broader and more diversified investor base and improve liquidity of its shares.
Through their inclusion in the MSCI Index, the three Adnoc Group companies collectively raise both Adnoc's and the Abu Dhabi Securities Exchange's (ADX) global investment profile, while enhancing liquidity in the UAE market and further cementing the UAE's position as an attractive destination for foreign investment.
As with Adnoc Distribution and Adnoc Drilling's addition to the Index, Adnoc Gas experienced a surge in trading on the final day before its index inclusion, attracting $469 million in capital inflows.
The inclusion of Adnoc Gas in the Index also marks another milestone in Adnoc's efforts to foster growth of the UAE's capital market, which began in 2017 with the public listing of Adnoc Distribution on the ADX.
Since then, Adnoc has brought another five of its subsidiaries to the public market, with a current combined market cap of around $140 billion.
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