Ades Holding Company announces its intention to float on the Saudi Exchange

Ades Holding Company announces its intention to float on the Saudi Exchange

RIYADH – ADES Holding Company (“ADES” or the “Company”) and together with its subsidiaries (the “Group”), a leading oil and gas drilling and production services provider in the Middle East and North Africa region (the “MENA” region), today announces its intention to proceed with an initial public offering (“IPO” or the “Offering”) and the listing of its shares (“Shares”) on the Saudi Exchange’s Main Market.

On 21 June 2023, the Capital Market Authority (“CMA”) approved the Company’s application for registering its share capital and Offering 338,718,754 ordinary shares of the Company’s total capital by way of sale of 101,615,626 existing shares (the “Sale Shares”) by ADES Investments Holding Ltd., the Public Investment Fund (“PIF”) and Zamil Group Investment Ltd. (in proportion to their existing shareholding), together referred to as (the “Selling Shareholders”), and the issuance of 237,103,128 new shares (the “New Shares”) (referred to with the Sale Shares as (the “Offer Shares” and each as an “Offer Share”) for public offering through a capital increase. The Sale Shares represent 9% and the New Shares represent 21% of the Company’s issued share capital upon completion of the Offering, totalling 30% of the issued share capital (after issuance of the New Shares and