Joy Spreader Included in the MSCI China Small Cap Index streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
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The inclusion in the index also reflected the company s ability to grow , he said.
Adnoc Distribution, which listed 10 per cent of its shares on the Abu Dhabi Securities Exchange in 2017, doubled the amount of its free floating stock to 20 per cent last September following a block placing of 1.25 billion shares, valued at $1 billion, with institutional investors.
At the time, the company said the transaction – the largest block placement of a publicly listed GCC company – helped to diversify its shareholder base and allowed for greater liquidity of its shares on the ADX.
Adnoc Distribution s inclusion in the MSCI index increases its shares attractiveness as major global fund houses/banks and institutional investors will now track the stock with it being part of a major index basket , Vijay Valecha, chief investment officer at Century Financial, said.