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. 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. Innovative Energy’s ownership is distributed between the Saudi PIF (32.5%), Zamil Group (10%), and Intro Group (57.5%). Innovative Energy acquired all of ADES shares in 2021 in a deal that valued the company at about $550m at the time. It includes Saudi Arabia, Kuwait, Qatar, Egypt, Algeria and Tunisia, according to a previous statement from the company.

Source: Daily News Egypt August 22, 2023 10:55 UTC