Qatar’s Mesaieed Petrochemical said on Sunday that it would not be included in MSCI’s All-Country World Index, contrary to an initial MSCI statement last week saying the company would be included.
Mesaieed’s shares rose five per cent to a five-month high on Thursday after MSCI’s initial statement last week.
“MSCI Inc through their press release issued on Aug. 13, 2014, included MPHC in their MSCI Emerging Market Index and MSCI ACWI Growth Index,” Mesaieed said on Sunday. It then added:
“MSCI Inc through their press release issued on Aug. 14, 2014 mentioned that MPHC will not be added to their Index contrary to what was stated earlier by MSCI Inc.”
An MSCI document dated Thursday and seen by Reuters said: “Based on additional information, Mesaieed Petrochemical’s maximum ownership limit per individual shareholder is currently set at one million shares, representing 0.08 per cent of Mesaieed Petrochemical’s total number of shares.
“This limit may significantly impair the ability of large international institutional investors to invest in Mesaieed Petrochemical.”
Shares in Mesaieed tumbled on Sunday after the announcement. It was down 5.6 per cent at 0631 GMT, as the main Qatar index dropped 0.3 per cent.