MSCI announced yesterday that effective 5 February (i.e. as of the close of Thursday) it will be reducing Viva’s foreign inclusion factor (FIF) by c46% , hence reducing Viva’s index market capitalization. We estimate that this change will  reduce Viva’s weight in the MSCI FM 100 Index from 1.2% to 0.6%, and will result in cUSD2.4 million passive outflows (796,246 shares) from funds tracking the MSCI FM 100 index (currently around cUSD425 million). We note that of these outflows we estimate that cUSD0.8 million will flow back into other MENA stocks (mainly MSCI Kuwait members) that are part of MSCI FM 100 index. (MSCI, Mohamad Al Hajj)