Riyadh, Nov. 13 (BNA): Saudi Public Investment Fund (PIF) announced today the signing of a share subscription agreement to invest in Alkhorayef Petroleum, from Alkhorayef Group, by way of a capital increase and subscription to new shares amounting to a 25% shareholding in the company.
Alkhorayef Group, the parent company and current shareholder of Alkhorayef Petroleum, will retain a 75% stake, Saudi Press Agency (SPA) said.
This investment demonstrates PIF’s broader efforts to develop Saudi Arabia’s equipment and service landscape and support the growth of promising private sector companies to further develop the industrial ecosystem and increase export revenues.
Alkhorayef Petroleum is the leading Saudi-based provider and manufacturer of oil and gas production optimization solutions, specializing in artificial lift, wireline services and equipment, as well as early production facilities.
The company is also the only Gulf-based manufacturer of electric submersible pumps; equipment critical to oil and gas production. It has achieved a diversified revenue base and a successful operational track record in 13 countries across the Gulf Cooperation Council countries, as well as in Africa and Latin America.
PIF’s investment will enable Alkhorayef Petroleum, a private sector company, to be better positioned to realize its full potential by leveraging its extensive technical and commercial capabilities. It will also strengthen its position in the energy services industry and create long-term value for shareholders. The agreement will further improve supply chains in the energy services sector in Saudi Arabia.
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