Arabian Drilling issues prospectus to list 26.7 mln shares on Tadawul

Logo of Arabian Drilling Co.

Arabian Drilling Co. issued today the prospectus to list 26.7 million shares, or 30% of capital, on the Saudi Exchange (Tadawul).   
 

On June 29, the company received the approval of the Capital Market Authority (CMA) on offering 26.7 million ordinary shares.  
 

The retail subscription is set to run for two days, starting from Oct. 18.   
  

The offering will consist of the following:  
 

 - Selling 17.7 million outstanding shares  
- Issuing nine million new shares. 
  

Thus, the company's capital after the offering will rise from SAR 800 million (80 million shares) to SAR 890 million (89 million shares).   

The offering will be confined to two tranches, defined as follows:  
 

Tranche (A): Participating Parties: Comprising the parties entitled to participate in the book-building process as specified under the book-building instructions, including mutual funds, corporates, and qualified foreign investors and GCC investors.  
  

Tranche (B): Individual Investors: Comprising Saudi natural persons, non-Saudi natural persons resident in the Kingdom or natural GCC persons, who have a bank account with a receiving agent.  
  

The company's activities consist of the following:  
  

- Drilling of oil fields;  
- Drilling of natural gas fields; 
- Services related to oil extraction (except surveying services);  
-Services related to natural gas extraction (except surveying services);  
- Drilling of tubular water wells; and  
- Drilling of manual water wells.  
  

The company operates in two segments: onshore segment, which includes provision of drilling and related services through onshore rigs, and offshore segment, which includes provision of drilling and related services through offshore rigs.