ADES intends to offer 30% stake on Saudi's Tadawul before 2023-end
Advanced Energy Systems (ADES), partially owned by the Saudi Public Investment Fund (PIF), intends to offer 30% of its shares on the Saudi stock market Tadawul before the end of this year, sources have told Daily News Egypt.
The company planned for the offering in the first half of the year but it had to delay the move due to global conditions and their impacts on the market.
Last June, ADES obtained regulatory approval for its initial public offering in Riyadh, which may be one of the largest IPOs in the Kingdom this year.
The sources added that the offering has been postponed until market conditions stabilize, explaining that the company aims to use the proceeds of the offering to expand its operations in Saudi Arabia after moving its headquarters to Saudi Arabia last March.
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