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Saudi Oil, Gas Driller ADES Announces IPO Plan

Saudi Oil, Gas Driller ADES Announces IPO Plan
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Saudi Oil, Gas Driller ADES Announces IPO Plan

Saudi Oil, Gas Driller ADES Announces IPO Plan

Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, on Monday announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange.
ADES said the public share sale comprises of 338,718,754 ordinary shares, resulting in a free float of 30% after the sale of a mix of existing and newly issued shares.
"Since inception, ADES has grown from a local driller operating predominantly in North Africa to one of the largest drilling operators in the Middle East and North Africa region with a fleet of 85 rigs and operations spanning seven countries," ADES Chairman Ayman Abbas said in the statement reported by Reuters.
"Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally," Abbas added.

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Saudi Arabia Launches Investment and Acquisition Facilitation Program to Provide Liquidity to Industrial Firms

A factory in Madinah. (SPA)
A factory in Madinah. (SPA)
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Saudi Arabia Launches Investment and Acquisition Facilitation Program to Provide Liquidity to Industrial Firms

A factory in Madinah. (SPA)
A factory in Madinah. (SPA)

The Saudi Ministry of Industry and Mineral Resources has launched the Investment Facilitation and Acquisition Program, which aims to offer diverse investment opportunities that align with investors’ goals, while also assisting industrial companies in expanding their production or addressing challenges in business development.

In a statement on Tuesday, the ministry said the program provides three key advantages: facilitating acquisitions within the industrial sector, offering liquidity to industrial companies, and presenting suitable opportunities for investors.

The ministry added that the program’s launch reflects its commitment to expanding and promoting industrial investment opportunities, creating an attractive business environment, and providing programs that help industrial companies increase production and enhance their competitiveness.

The process for applicants to the Investment Facilitation and Acquisition Program involves several steps, including submitting applications from both investors and companies, attaching the necessary documents through a designated electronic registration form, and analyzing the submitted applications to identify interested parties and determine compatibility.

If a match is found between an investor’s interests and a participating company, the two sides are connected. The investor then conducts an analysis and evaluation of the company and may submit an investment or acquisition offer to the owner if the evaluation aligns with their investment strategy.