RIYADH: UK-listed oil and gas services provider ADES International Holding will list its shares on the Saudi Stock Exchange in early 2023, Almal reported, citing ADES' parent INTRO Group’s CEO.
Mamdouh Abbas added that the Saudi bourse is suitable for this type of energy and petroleum-related firm, pointing to the possibility of considering another listing on the Egyptian Stock Exchange at a later date.
Innovative Energy, in which the Public Investment Fund has a 32.5 percent stake, owns 100 percent of ADES International shares.
The Saudi market contributes around 54 percent to ADES International’s revenues, compared to 19 percent from Egypt and 24 percent from Kuwait, according to the company’s annual report last year.
Based in Egypt, INTRO Group is a private conglomerate that comprises a diverse group of companies in various fields including trading and commercial representation, oil and gas and engineering.