The Clap
According to Reuters, the Public Investment Fund (PIF) appointed four banks to manage the offering of ADES International Holding for oil and gas exploration services.
What
Sources say that the fund appointed JP Morgan, Goldman Sachs, SNB (1180), and EFG Hermes as joint managers of the offering.
The company added that the IPO could value ADES at $5 billion, as the fund plans to raise $1 billion from the offering.
So What
The company “Innovative Energy” owns 100% of the shares of “ADES”, as the ownership of the first is distributed to a consortium led by the investment fund with a share of 32.5%.
Now What
ADES website lists Saudi Aramco and Kuwait Oil Company among its customers.
