Logo of Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)
The Capital Market Authority (CMA) approved today, Sept. 26, the application received from Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) for the registration and offering of 73.09 million shares, or 29.24% of capital, on the Saudi Exchange (Tadawul), according to a statement.
The company's prospectus will be published within sufficient time prior to the start of the subscription period, CMA said.
CMA's approval on the application will be valid for six months from the decision date. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.
Established under a Royal Decree issued in October 2000, MARAFIQ is a joint-stock company owned by four major shareholders, namely Saudi Aramco, Royal Commission for Jubail and Yanbu (RCJY), Saudi Basic Industries Corporation (SABIC) and Public Investment Fund (PIF), with each holding a 24.81% stake. This is in addition to private-sector investors, with a 0.76% holding, according to Argaam's data.
MARAFIQ commenced operations in January 2003, with a capital share of SAR 2.5 billion.
The company's main activity is to operate as the main energy supplier for Jubail and Yanbu cities, as well as provide energy for oil and petrochemical facilities owned by companies such as Saudi Aramco and SABIC.
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