ADES International Holding Company seeks to offer its shares on the Saudi Exchange (Tadawul) during the first quarter (1Q) of 2023.
Daily News Egypt (DNE) learned that the company is currently appointing an investment bank as a manager of the offering in preparation for the listing process on the Tadawul. It is currently considering offers submitted by about four to five alliances of investment banks.
The sources added that once a legal financial adviser is selected for the offering, an agreement will be made on the percentage to be offered by the company on the exchange.
Mamdouh Abbas — Chairperson of Intro Group and the main shareholder in ADES — said in previous statements to DNE that the Saudi market is suitable for these types of energy and petroleum-related projects, pointing out that the double listing in the Egyptian Exchange (EGX) could be considered later.
Saudi Arabia contributes about 54% of ADES Internationals revenues, while Egypt contributes 19%, Kuwait 24%, and Algeria 3%, according to the company’s annual report last year.
Innovative Energy owns 100% of the shares of ADES International Holding, while the ownership of Innovative Energy is distributed among the Saudi Public Investment Fund with a 32.5% share, and Zamil Investment Company 10%, in addition to the majority share of 57.5% of ADES Investments Holding Company owned by Intergroup.
Innovative Energy acquired 35% of the shares of ADES International at a value of $193m to increase its stake to 100%.
Additionally, the procedures for delisting ADES International Holding from the London Stock Exchange are completed and it will be transformed into a private company with a total value of $550m.