Saudi market agrees to offer 30% of the shares of Arab Drilling

The Saudi Capital Market Authority approved the request of the Arabian Drilling Company to offer 30% of its shares (26.7 million shares) in an initial public offering and to list its shares on the Saudi stock market “Tadawul”.

Bloomberg Agency reported earlier that the public offering of the Arabian Drilling Company may reach the value of the company to $ 1.4 billion.

The Saudi market is witnessing a strong wave of initial offerings that achieve record levels of coverage, taking advantage of the strong liquidity supported by the rise in oil prices.

The Arabian Drilling Company was established in 1964, and it is 51 percent owned by the Saudi Industrialization and Energy Services Company (TAQA), and 49 percent by Schlumberger International.

It operates drilling rigs in Saudi Arabia, Yemen, and the UAE, according to its website.

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