Abu Dhabi -based food and beverage company Agthia said on Wednesday it is joining Morgan Stanley Capital International's (MSCI) Small Cap Emerging Markets index from May 27.
The company made the announcement in a short bourse filing on the Abu Dhabi Securities Exchange.
The index includes small cap companies across 27 emerging markets countries. With 1,680 constituents, it covers approximately 14 per cent of the free float-adjusted market capitalisation in each country.
The small cap segment of the MSCI indexes tends to capture more local economic and sector characteristics relative to larger emerging markets capitalisation segments, according to MSCI.
Agthia employs more than 4,000 people and owns the Al Ain water, Grand Mills bakery and the Agrivita animal feed brands, among others, It plans to add other brands to further expand its portfolio.
In April, Agthia announced a five-year strategy to become the biggest food and beverage company in the region by 2025.
The food and beverage company's inclusion comes after Adnoc Distribution said this month it is joining MSCI Emerging Markets index on May 27.
The UAE's largest fuel retailer will join nine other UAE-listed companies including some of the biggest banks and property developers that are part of an index tracked by funds with billions of dollars worth of assets.
Adnoc Distribution's inclusion is expected to increase the attractiveness of its shares to potential international investors and help to further diversify the company's investor base, the company said in a statement.
The move has made Adnoc Distribution "eligible to the investable universe with an estimated weight of 0.04 per cent [in the index], which would generate inflows ... [of] around $244 million on May 27, which is the trade day for index changes implementation", Ahmed El Difrawy, managing director, head of data and index research at EFG Hermes Holding, said at the time.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
