Adnoc Distribution, the UAE's largest fuel retailer, will be included in the FTSE Emerging Markets Index as of the close of business on September 16, 2021, the company said on Sunday.
Its inclusion, which comes after it was added to the MSCI Emerging Markets Index last year, is subject to final confirmation by the FTSE on September 6, Adnoc Distribution said in a statement to the Abu Dhabi Securities Exchange, or ADX, where its shares are traded.
"Following the inclusion of Adnoc Distribution in the MSCI EM Index in May 2021, the FTSE EM Index marks another important milestone in Adnoc Distribution’s successful equity story," said Bader Al Lamki, Adnoc Distribution chief executive.
The move is testament to "the company’s growth story and its strong standing within the fuel retail sector", he added.
The FTSE Emerging Markets Index is an international equity index that tracks stocks from emerging markets globally and includes large and mid-cap securities. Adnoc Distribution joins nine other UAE companies that are part of the index.
"The inclusion of Adnoc Distribution in the index will attract more foreign investors to the company's stock and diversify its shareholder base," said Vijay Valecha, chief investment officer at Dubai-based Century Financial.
"The company has several equity placements leveraged on significant investor demand for Adnoc Distribution shares, driven by its attractive value proposition," he added.
Joining the FTSE Emerging Markets Index will "add depth to the market", said Ali El Adou, head of asset management at Daman Investments.
Inclusion "will add more liquidity ... and is positive news for the market overall. We expect more emerging markets investors to start looking at Adnoc Distribution," he added.
Adnoc Distribution, which listed 10 per cent of its shares on the ADX in 2017, doubled the amount of its free-floating stock to 20 per cent last September following a block placement 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.
In May, Adnoc said it had successfully raised $1.64bn through the sale of new shares and issuance of exchangeable bonds in Adnoc Distribution.
The company offered 375 million shares, equal to 3 per cent of its share capital, and a three-year unsecured bond that could be exchanged for a further 7 per cent of shares, subject to certain conditions.
The placement of additional shares will leave the Adnoc Group with a 70 per cent interest in its fuel distribution arm.
"Our continued focus is to provide modern fuel retail convenience to customers, deliver on our ambitious strategy and build long-term shareholder value through the next phase of our expansion,” Mr Al Lamki said.
Earlier this month, Adnoc Distribution reported a 2.1 per cent increase in second-quarter net income as revenue climbed, supported by higher fuel volumes and cost efficiencies. Net profit for the three month period to the end of June rose to Dh521 million ($141.96m).
The company operates 457 retail fuel stations, 340 convenience stores as of the end June. Adnoc Distribution is the only fuel retailer operating in all seven emirates in the UAE. In 2018, the company expanded its operations internationally and it opened two service stations in Saudi Arabia.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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