One of ADC's offshore rigs
The ban on Arabian Drilling Co.’s (ADC) majority shareholders from selling shares was lifted today, May 7, six months after the stock began trading on the Saudi Exchange (Tadawul) on Nov. 27, 2022.
Major shareholders who own 70% of the company’s capital, 62.3 million shares of ADC’s total 89 million shares, faced a six-month ban since the company’s debut on Tadawul, during which they were not allowed to sell their shares.
As of today, they will be able to sell their shares without obtaining approval from the Capital Market Authority (CMA).
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Company’s Major Shareholders |
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Shareholders |
Post-IPO |
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Number of shares (mln shares) |
Ownership (%) |
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Industrialization & Energy Services Co. (TAQA) |
31.77 |
35.7% |
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Services Pétroliers Schlumberger S.A |
30.53 |
34.3% |
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