Saudi Exchange Celebrates the Listing of Arabian Drilling Co. on the Main Market
Riyadh, 07 November 2022: Saudi Exchange today celebrated the listing of Arabian Drilling Company, an onshore and offshore gas and oil rig drilling company, on the Saudi Exchange’s Main Market. The ceremony was attended by Mr. Nayef Al Athel, Chief of Listing at Saudi Exchange and Eng. Khalid Nouh, Chairman of Arabian Drilling Company.
Commenting on the occasion, Nayef Al Athel, Chief of Listing at Saudi Exchange, said “We are pleased to see the strong pipeline of IPO activity continue as we enter the fourth and final quarter of the year. The addition of Arabian Drilling to the Main Market on the Saudi Exchange will provide regional and international investors with an even bigger pool of investment options across a variety of industries, further reinforcing our position as the gateway to the MENA region and a leading stock exchange globally. We would like to congratulate the company’s management and look forward to following their journey as a listed entity.”
“Arabian Drilling has played a crucial role in the industrialization of the Kingdom while integrating sustainable practices throughout the business in line with our commitment to Saudi Arabia’s Vision 2030. The listing marks another crucial milestone for Arabian Drilling, and we would like to thank everyone who has helped us make this a reality and look forward to sharing further updates in due course.” said Khalid Nouh, Chairman of Arabian Drilling Company.
In alignment with the Financial Sector Development Program, Saudi Exchange is committed to working alongside the Capital Market Authority to improve procedures and simplify requirements for companies looking to list in the Saudi Capital Market. This builds on the Exchange’s vision to elevate its position locally, regionally, and internationally, as a lucrative destination for investors and issuers.
Arabian Drilling will be listing 26,700,000 shares, representing 30% of its share capital, at the offering price of SAR 100 per share.