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Saudi utility Marafiq appoints HSBC, Riyad Capital as managers for IPO

Saudi utility Marafiq appoints HSBC, Riyad Capital as managers for IPO

Arab Finance: Saudi Arabia’s Power and Water Utility Company for Yanbu and Jubail (Marafiq) has appointed HSBC Holdings and Riyad Capital to manage its initial public offering (IPO), Bloomberg reported on May 24th, citing sources familiar with the matter.

The company aims to secure up to $1.2 billion by offering a 30% stake for sale in the second half (H1) of 2022, the sources added.

It is worth noting that the shareholding structure of Marafiq includes the Public Investment Fund (PIF), Saudi Arabian Oil Co, and Saudi Basic Industries Corp.

Marafiq is the main provider of power for the industrial cities of Yanbu and Jubail, supplying energy for oil and petrochemical facilities owned by major companies in the kingdom.

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