DUBAI, Aug 28 (Reuters) - Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, on Monday announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange. The planned IPO could fetch more than $1 billion, Reuters reported in November citing two people familiar with the matter. In 2021, Saudi Arabia's Public Investment Fund (PIF) partnered ADES' major shareholders - ADES Investments Holding and Zamil Group Investment - to take the firm private. ADES counts state oil giant Saudi Aramco (2223.SE) and Kuwait Oil Co as clients, as well as joint ventures with global majors including BP (BP.L) and Eni (ENI.MI), its website showed. Selling shareholders PIF, ADES Investments Holdings and Zamil Group Investment will collectively sell 101,615,626 existing shares in proportion to their shareholding, ADES said.

Source: The North Africa Journal August 28, 2023 16:22 UTC