ADES Holding gets CMA’s nod to sell 30% stake on Tadawul

Logo of ADES International Holding

The Capital Market Authority (CMA) gave the green light for ADES International Holding Co. to register and offer 338.71 million shares, or 30% of its share capital, on the Saudi Exchange (Tadawul), the market regulator said in a statement today, June 21.

The company's prospectus will be published within sufficient time prior to the start of the subscription.

The CMA’s approval will be valid for six months from the resolution date. It will be cancelled if the offering and listing of the company's shares are not completed within this period.

ADES is an oil and gas drilling and production services provider in the Middle East and North Africa, according to data available with Argaam.  

Innovative Energy owns 100% of ADES shares. The ownership of Innovative Energy is distributed as follows: The Public Investment Fund (PIF) (32.5%), Zamil Investment Co. (10%), and ADES Investments Holding Co. (57.5%). 

For More IPOs