Saudi Arabia’s Marafiq is set to list its shares on the Tadawul, the Arab world’s biggest bourse. Marafiq is the power and utility company for Jubail and Yanbu.
The state-backed private integrated power and water utility company, received the regulatory approval on September 26, and plans to list 30 percent (73,094,500 ordinary shares) of its share capital, it said in a statement on Sunday.
Its shareholders include the Public Investment Fund (PIF), Saudi Aramco’s subsidiary Aramco Power Company, the Royal Commission for Jubail and Yanbu, and the Saudi Basic Industries Corporation (SABIC).
A book building process will take place, after which the final offering price will be determined, the company said. Marafiq did not disclose when the shares will be listed.
“Today’s announcement marks an important milestone in Marafiq’s journey, a journey which began almost 20 years ago,” Marafiq president and chief executive Mohammed Al-Zuabi said.
Al-Zuabi added: “We have since become an integrated utilities provider offering a full suite of services across the utilities value chain with a growing footprint across the kingdom.”
Marafiq will be the fifth utility company to list on Tadawul, after joining majors Saudi Electricity Company and ACWA Power.
“Marafiq appointed HSBC Saudi Arabia as joint financial advisor, bookrunner, joint global coordinator, lead manager and underwriter; and Riyad Capital as joint financial advisor, bookrunner, joint global coordinator, and underwriter. Al Rajhi Bank, Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank have been appointed as receiving agents,” the statement said.
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