ADES Holding Seeks to Raise $1.2b from IPO in Tadawul

ADES Holding Seeks to Raise $1.2b from IPO in Tadawul
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ADES Holding Seeks to Raise $1.2b from IPO in Tadawul

ADES Holding Seeks to Raise $1.2b from IPO in Tadawul

Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, began marketing its initial public offering on Sunday, seeking 12.50 riyals ($3.33) to 13.50 riyals a share.

ADES plans to raise as much as 4.6 billion riyals ($1.2 billion) from the public-share sale.

The total stake being offered is 30% of the company.

ADES IPO is set to be Saudi Arabia’s biggest, according to Bloomberg.

The book-building process for this IPO is open from Sept. 10-14.

The public share sale would comprise 338.7 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and newly issued shares.

The company is selling 237.1 million new shares in the IPO.

Selling shareholders PIF, ADES Investments Holdings and Zamil Group Investment will collectively sell 101.6 million existing shares in proportion to their shareholding.

ADES will also issue 237,103,128 new shares.

EFG Holding’s EFG Hermes, Goldman Sachs Group, JPMorgan Chase & Co., and SNB Capital are financial advisers and global coordinators for the IPO.

ADES is a leading oil and gas drilling and production services provider in the Middle East and North Africa region. It has a fleet of 85 rigs and operations across seven countries, including India where three rigs will be operating this year, according to its website.

The company’s revenue from contracts with customers reached SAR 1.98 billion in the first half of the year compared to SAR 2.5 billion during FY 2022.

The company’s total backlog as of 30 June 2023 is SAR 27.6 billion.



SAL, Sela Sign SAR4 Billion Agreement to Establish Logistics Zone North of Riyadh

The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)
The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)
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SAL, Sela Sign SAR4 Billion Agreement to Establish Logistics Zone North of Riyadh

The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)
The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)

The SAL Saudi Logistics Services Company and Sela Company signed an agreement in Riyadh to launch the SAR4-billion SAL Logistics Zone, covering more than 1.5 million square meters within the Falcons City project north of Riyadh, reported the Saudi Press Agency on Tuesday.

The initiative aligns with their joint efforts to boost strategic partnerships, support the logistics sector, and boost the Kingdom’s position as a global logistics hub in line with Saudi Vision 2030 and the National Transport and Logistics Strategy.

The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders.

Falcon City, for which the agreement was signed by SAL CEO Omar bin Talal Hariri and Sela Managing Director Rakan Al-Harthy, enhances the appeal of the Malham area north of Riyadh.

Home to the Saudi Falcons Club, one of the region’s most prominent cultural and heritage landmarks, the area has contributed to tourism and cultural activities through its programs, events, and international initiatives. This integration of economic projects with heritage activities attracts visitors and investors while reinforcing the area’s status as a comprehensive destination that blends a modern economy with the preservation of Saudi Arabia’s cultural heritage.

Hariri stressed that the new logistics zone will significantly bolster the company’s capabilities due to its strategic location near King Khalid International Airport, major highways, and rail networks connecting various regions of the Kingdom. This will solidify its position as a comprehensive hub for shipping and distribution operations, further supporting Saudi Arabia’s role as a key global trade center.

He noted that the SAR4-billion investment in developing a model logistics zone aligns with SAL’s strategic plan to strengthen its leadership as a national logistics provider that adheres to the highest global standards. The zone will feature high-quality, Category A warehouses and storage spaces designed to meet diverse requirements.

Falcons City represents an advanced model of integrated cities, spanning 14.4 million square meters in the Malham area north of Riyadh. Its strategic location ensures easy accessibility and includes key facilities such as the Riyadh Exhibition and Convention Center, a state-of-the-art logistics zone attracting major global companies, an aviation runway, and an aircraft maintenance area, all of which enhance air transport and cargo efficiency.

The project also features economic, commercial, residential, hospitality, and entertainment zones, along with an outlet mall to attract investors, residents, and visitors.