Effective September 16, 2021, ADNOC Distribution will be included in the FTSE Emerging Markets Index, and inclusion is subject to final confirmation by FTSE on September 6.
According to Arab Net, the inclusion of ADNOC Distribution's shares to expand in the FTSE Emerging Markets Index comes after it has met all the listing conditions, as it will now become part of this index that receives attention. wide.
In September 2020, the Abu Dhabi National Oil Company, ADNOC, successfully executed a private placement process for 1.25 billion ADNOC Distribution shares worth $1 billion. These shares were transferred to institutional investors, which led to an increase in free circulation to 20%.
In May 2021, ADNOC offered an additional 3% of ADNOC Distribution's registered capital of $445 million, increasing the free float to 23%.
This operation coincided with ADNOC's launch of approximately $1,195 billion in unsecured bonds. These bonds represent 7% of the registered capital of ADNOC Distribution and are due for payment in 2024 and the bonds can be exchanged for shares in ADNOC Distribution according to special conditions.
Adnoc will retain, after the transaction, a strategic stake of at least 70% in ADNOC Distribution.
