Advanced Energy Systems (ADES Group) is studying offers by European firms, including proposals from British companies and banks, to acquire shares in the company, reported Al Borsa.
ADES will make a decision regarding the offers within two weeks. Some of the offers are requesting the acquisition of a part of ADES’ shares, while other offers requested the acquisition of the whole company.
ADES Group is a service company providing petroleum exploration and production E&P services in MENA and Africa. The company is working in onshore and offshore drilling and provides production services in Egypt, Algeria and Saudi Arabia.
The company is owned by the businessman Mamdouh Abbas. It had previously intended to offer shares at London Stock Exchange within the second half of fiscal year 2016/2017 through contracting Hermes Group, in addition to Baker McKenzie and White & Case to manage the transaction.