Tamimi Energy plans to list its shares on the Saudi Exchange, with initial preparations for the offering already underway, said Yahya Balhareth, the group’s Chief Commercial Officer (CCO).
Balhareth said in an interview with Argaam on the sidelines of the WPC Energy Congress that the group has not yet submitted its offering application to the Capital Market Authority (CMA), as it is completing its internal preparations.
The group will announce any developments in due course, the CCO added, without specifying a target timeline for the listing.
Regarding expansion plans, Balhareth said the group is currently evaluating several acquisition opportunities involving stakes in local and international companies and is holding discussions with a number of them. More than one potential acquisition is under consideration, he noted.
Tamimi has a dedicated investment committee that evaluates acquisition opportunities and assesses their feasibility before investment decisions are made, the CCO added.
He said the group has expanded significantly since 2016, establishing more than nine companies and partnerships with foreign firms, in addition to businesses it built from the ground up.
The group comprises around 19 companies, more than half of which are industrial businesses. Their activities span manufacturing, petrochemicals, electricity and water, alongside the group’s core energy operations, which date back more than 50 years.
Regarding the value of its existing contracts and projects, Balhareth said it amounts to billions of riyals but declined to provide an exact figure, citing the group’s numerous subsidiaries and partnerships with global companies, as well as ongoing changes in the scale of its business and contracts.
On the impact of recent geopolitical developments and oil price fluctuations, Balhareth said the effects on the group had been very limited and manageable. He pointed to an internal system for monitoring operations and unexpected developments, as well as a committee comprising executive management and several department heads to follow up on emerging issues.
He also praised the government’s handling of recent developments, noting that ministries and relevant authorities have maintained ongoing communication with companies and worked to address and mitigate potential impacts on their businesses.
Tamimi Energy plans to list its shares on the Saudi Exchange, with initial preparations for the offering already underway, said Yahya Balhareth, the group’s Chief Commercial Officer (CCO).
Balhareth said in an interview with Argaam on the sidelines of the WPC Energy Congress that the group has not yet submitted its offering application to the Capital Market Authority (CMA), as it is completing its internal preparations.
The group will announce any developments in due course, the CCO added, without specifying a target timeline for the listing.
Regarding expansion plans, Balhareth said the group is currently evaluating several acquisition opportunities involving stakes in local and international companies and is holding discussions with a number of them. More than one potential acquisition is under consideration, he noted.
Tamimi has a dedicated investment committee that evaluates acquisition opportunities and assesses their feasibility before investment decisions are made, the CCO added.
He said the group has expanded significantly since 2016, establishing more than nine companies and partnerships with foreign firms, in addition to businesses it built from the ground up.
The group comprises around 19 companies, more than half of which are industrial businesses. Their activities span manufacturing, petrochemicals, electricity and water, alongside the group’s core energy operations, which date back more than 50 years.
Regarding the value of its existing contracts and projects, Balhareth said it amounts to billions of riyals but declined to provide an exact figure, citing the group’s numerous subsidiaries and partnerships with global companies, as well as ongoing changes in the scale of its business and contracts.
On the impact of recent geopolitical developments and oil price fluctuations, Balhareth said the effects on the group had been very limited and manageable. He pointed to an internal system for monitoring operations and unexpected developments, as well as a committee comprising executive management and several department heads to follow up on emerging issues.
He also praised the government’s handling of recent developments, noting that ministries and relevant authorities have maintained ongoing communication with companies and worked to address and mitigate potential impacts on their businesses.
