By Adam Whittaker
Adnoc Gas said it will join the MSCI Emerging Markets Index next month having met the free float criteria after its parent company reduced its shareholding.
The state-owned oil company said Wednesday that it expects to be included in the index from June 2.
In February, the Abu Dhabi National Oil Co. sold $2.84 billion of shares in Adnoc Gas in an offering that increased its free float to 9% from about 5% and paved the way for inclusion in the index.
The MSCI Emerging Markets Index includes large and mid-cap publicly listed companies in 24 emerging market countries. Inclusion on it increases a company's exposure to international institutional investors.
Adnoc Gas said they expect the admission to boost passive cash inflows into the stock by $300 million to $500 million.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
May 14, 2025 06:05 ET (10:05 GMT)
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