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(MENAFN) Saudi Industrialization and Energy Services Co (TAQA) said that it plans to list and sell shares to the public before the first half of 2010, making the company the second Saudi energy services firm to float its stock on the market, Reuters reported.
The company's Chairman, Abdulaziz Al Jarbou, said that the Initial Public Offering (IPO) process is moving ahead, and is expected to be finalized in the first three or four months of 2010.
The Chairman did not reveal how much TAQA would raise, but the Saudi bourse watchdog, the Capital Market Authority, usually requires new market entrants to sell a minimum 30 percent.
TAQA also has plans to raise its capital by more than 30 percent, from its current $533.3 million, to fund current and future projects. He noted that the firm's 2008 profit of $35.4 million was down 13 percent from the previous year.
It is worth mentioning that the Saudi Industrialization and Energy Services Co (TAQA) has no connections to Abu Dhabi National Energy Co, also known as Taqa. The Saudi firms was established in 2003, and it acts as a project developer and is involved in oil and gas exploration and drilling, geophysical surveys and provides industries and services that support oil and gas, metals, petrochemicals, electricity and water sectors.
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