PIF-backed utility firm Marafiq’s IPO oversubscribed by 59% on strong demand 

Saudi utility firm Marafiq’s initial public offering has seen strong demand. (Supplied)
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Updated 25 October 2022
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PIF-backed utility firm Marafiq’s IPO oversubscribed by 59% on strong demand 

RIYADH: Saudi utility firm Marafiq’s initial public offering has seen strong demand, recording 59 percent oversubscription in the book-building period.

With a share price of SR46 ($12), the subscription period took place for five days starting Oct. 9, the financial advisor of the offer, HSBC Saudi Arabia, and Riyad Capital, said in a filing.

The Individual Investors tranche subscription period begins on Oct. 26 and ends on Oct. 30, with an allocation of 21.9 million offer shares, or 30 percent of the total amount of offer shares.

Formally known as Power and Utility Co. for Jubail and Yanbu, the Public Investment Fund-backed company provides integrated utility services to all sectors in the industrial cities of the Kingdom.


Operational challenges bring Riyadh Airport to a near standstill

Updated 49 min 30 sec ago
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Operational challenges bring Riyadh Airport to a near standstill

  • Airlines issue statements, while sources tell Arab News rain is to blame

RIYADH: Thousands of passengers travelling to and from King Khalid International Airport in Riyadh were left stranded as major airlines struggled to offer alternative flights following a slew of cancellations and delays.

Saudia and flyadeal were among the aviation firms who faced difficulties, with the two airlines putting out statements blaming temporary operational challenges for the issues.

A statement from the airport on its official X account urged travelers to contact airlines directly before heading to the aviation hub to verify the updated status and timing of their flights.

The statement said: “King Khalid International Airport would like to inform you that, due to the concurrence of a number of operational factors over the past two days —including several flights diverting from other airports to King Khalid International Airport, in addition to scheduled maintenance works within the fuel supply system — this has resulted in an impact on the schedules of some flights, including the delay or cancellation of a number of flights operated by certain airlines.”

The airport added that operational teams are working “around the clock in close coordination with our airline partners and relevant stakeholders to address developments and restore operational regularity as soon as possible”, while taking all necessary measures to minimize any impact on the passenger experience.

Airport sources told Arab News that the issue has to do with the heavy rain Riyadh experienced earlier on Friday. Water apparently got into the fuel tankers supposed to refuel jets before they fly, and then several airlines struggled to re-schedule passengers. 

It its own statement on X, Saudia said: “Affected guests are being contacted through various communication chanels, with all ticket changes processed at no additional cost.”

Arab News reached out to Saudia for further information.

Also in a post on X, flyadeal said any of it passengers impacted by the disruption “will be notified directly by emails and SMS with rebooking and support options.”