Shareholders in Ades Holding, an oil and gas drilling company backed by Saudi Arabia's Public Investment Fund, will sell a 30 per cent stake of the company as part of an initial public offering.
The kingdom's sovereign wealth fund, Ades Investments and Zamil Group Investment will sell 338.7 million shares in the company, which will include the issuance of 237.1 million new shares through a capital increase, according to a statement on Monday.
The final offer price will be determined at the end of the book-building process, on September 18, the statement said.
The planned listing on the Tadawul stock exchange could raise about $1 billion, Bloomberg reported earlier this year, citing sources.
Saudi Arabia, the Arab world's biggest economy, and the wider GCC region have registered a flurry of initial public offerings amid strong investor demand at a time when economies are rebounding at a quicker pace from the coronavirus-induced slowdown and liquidity has been shored up by high oil prices.
The volume of IPOs on bourses in the Mena region climbed by 44 per cent annually in the second quarter of this year amid robust economic growth, according to global consultancy EY.
Growth in Mena IPO deals was driven by Saudi Arabia and the UAE, the top regional economies, EY said in the report earlier this month.
The number of listings rose to 13 during the three-month period to the end of the June, bucking the global slowdown in equity capital markets activity.
However, proceeds from Mena listings dropped by 80 per cent to $1.8 billion, according to EY data.
Ades Holding's portfolio of services primarily includes onshore and offshore contract drilling and workover services, which include maintenance, repair and enhancement of oil production.
It has operations across seven countries, including Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia and India. Operations in India will start this year on the back of already awarded contracts.
Ades Holding's key customers include Saudi Aramco, the world’s largest oil exporting company, the Kuwait Oil Company and the Qatar-based North Oil Company, which together represent more than 95 per cent of the company’s backlog as of December 31, 2022.
The company, which has a fleet of 85 rigs, said total revenue from contracts stood at 1.98 billion Saudi riyals ($528 million) in the first half of 2023.
Its earnings before interest, tax, depreciation and amortisation (ebitda) margin was at 47 per cent during the same period.
Last year, Arabian Drilling Company, a Saudi Arabian oilfield services company, raised $712 million from the sale of a 30 per cent stake in an IPO amid strong interest from retail investors.
In December, Saudi Aramco Base Oil Company, better known as Luberef, began trading on the Tadawul exchange after it raised $1.32 billion in its IPO.
Aramco's refining unit sold more than 50 million shares, or about 29.7 per cent of the company's issued share capital, with the listing drawing strong demand from investors in the kingdom and internationally.
Brent crude, the benchmark for two thirds of the world’s oil, surged to about $140 a barrel after Russia’s invasion of Ukraine last year.
The benchmark has since given up most of its gains and is currently at about $84 a barrel, although Opec+ supply cuts and rising crude demand in China are expected to drive prices higher this year.
Sholto Byrnes on Myanmar politics
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Mohammed bin Zayed Majlis
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
