MSCI, the world's biggest index provider, will follow in the footsteps of S...
LONDON - MSCI, the world’s biggest index provider, will follow in the footsteps of S&P Dow Jones and FTSE Russell, which told clients this week that they could fast-track Saudi Aramco’s inclusion into their indexes as soon as December.
State-owned Saudi Aramco, the world’s most profitable company, is set to launch a share sale process on Nov. 17, aiming to raise $20 billion-$40 billion in a domestic initial public offering in early December. MSCI, whose indexes are used by funds with trillions of dollars in assets globally, said that if Saudi Aramco starts trading on or before Dec. 12, it would add it to the MSCI Equity Indexes from Dec. 17.
The FTSE Russell and S&P Dow Jones started adding Saudi stocks to their emerging markets indexes in March, while MSCI added the Tadawul, or Saudi Stock Exchange - the region’s largest market - into its Emerging Markets Index last August, with a weight of 2.8%. “Based on the initial announcements by Saudi Aramco, only a very limited percentage of the company’s total shares will form part of the IPO, expected to be well below the limit described above,” it said in a note to clients on Friday.
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