The fund may apply for official approvals in the Saudi market
The Public Investment Fund plans to hold meetings this month with investors to launch the “ADES International” holding company that works in the field of oil and gas exploration, according to what sources indicated to Bloomberg.
The fund aims to list the company in the first half of this year, and is likely to apply for official approvals in the Saudi market.
The Public Investment Fund chose Lazard as an advisor in the IPO.
And Bloomberg had indicated last November that the listing might value “ADES International”, whose list of clients includes “Saudi Aramco” and “Kuwait Oil Company” at regarding $5 billion, noting that the company is seeking to raise regarding $1 billion from the offering.
