14/11/2017 14:39 AST

Waha Capital, an Abu Dhabi-based investment firm in which Mubadala Investment Company has a 15 per cent stake, has agreed to sell its stake in UAE-based NPS Holdings to National Energy Services Reunited (NESR) of the US in a cash and shares transaction.

NESR, a special-purpose acquisition company that targets investments in the energy sector, announced a deal on Sunday to acquire NPS and Oman-based Gulf Energy for a combined value of US$1.1 billion, to create the first listed oilfield services firm in the Mena region.

Waha will receive around Dh251 million in cash and 5.5 million shares in NESR, issued at an initial value of $10, per share and representing an interest of approximately 6.2 per cent in the company. Waha will take one seat on NESR’s board. The deal is expected to close in the first quarter of 2018.

“This transaction delivers an impressive return on Waha Capital’s original investment and is transformational for NESR, in which we now hold a significant stake,” said Salem Al Noaimi, Waha’s chief executive and managing director.

“With this transaction, NESR will become a leader in oilfield services in the Mena region, and is in a prime position to take advantage of new opportunities as investment in hydrocarbons increases again. Scale, expertise and access to capital markets will be important as the company expands in the coming years.”

Waha Capital acquired its stake in NPS in June 2014 for Dh279m, as part of a consortium including Fajr Capital and the Arab Petroleum Investments Corporation (Apicorp). The stake was carried on the company’s balance sheet at a value of Dh288.7m as at the end of the third quarter of 2017.

“We formed NESR to invest in the oilfield services sector globally, and this transaction represents the first step in that strategy,” said Sherif Foda, NESR’s chief executive and chairman.

“With the support of our esteemed customers, we want to create a truly national services company which has its roots in the region. I am grateful to Waha Capital and their leadership for their confidence in NESR and look forward to working together to realise our exciting vision.”


The National

Waha Capital agrees to sell its stake in NPS Holdings

13/11/2017

Waha Capital PJSC, a leading Abu Dhabi-listed investment company, has agreed to sell all of its stake in UAE-based NPS Holdings Ltd. (NPS) to National Energy Services Reunited (NESR) Corp (NASDAQ: NE

Press Release

Waha Capital acquires a stake in Dubai based fintech firm

28/09/2017

Waha Capital, an Abu Dhabi-based investment firm has acquired a significant minority stake in a local fintech company valued at $55 million, the company executives said on Wednesday. Waha is taking

Gulfnews

Waha Capital takes significant minority stake in Channel VAS

27/09/2017

Waha Capital, a leading investment company based in Abu Dhabi, has acquired a significant minority stake in Dubai-based Channel VAS, a rapidly growing financial technology company. Waha Capital’s new

Press Release

Ticker Price Volume
QNBK 119.00 298,550
BURUJ 29.45 47,373
SABIC 99.70 898,292
ALMARAI 52.40 64,035
STC 69.20 51,698
TAWUNIYA 89.00 4,697
SPIMACO 27.60 15,267
WAHA Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
DIC 2.49 0.01 (0.40%)
DFMC 1.15 0.01 (0.87%)
SHUAA 1.15 0.00 (0.00%)
GGICO 0.39 -0.01 (-1.29%)
QIC 1.04 0.00 (0.00%)
Al Khazna says matter of share suspension private with ADX

22/11/2017

Al Khazna said on Tuesday the matter regarding the share suspension of its publicly listed company on the Abu Dhabi Securities Exchange (ADX) was “a confidential matter” with the bourse.

S

Gulf News

Batelco chairman meets top Guernsey officials

22/11/2017

Batelco Chairman Shaikh Mohamed bin Khalifa Al Khalifa and senior Batelco officials recently met with Guernsey government officials to discuss the company's unwavering commitment to Guernsey.

Trade Arabia

Dana Gas seen returning to table after London ruling

22/11/2017

Dana Gas plans to appeal a UK court ruling on $700mn of its Islamic bonds, whose holders include Goldman Sachs Group Inc and BlackRock Inc.

The decision by the London court on Friday is “fla

Gulf Times

Bank Muscat, IMD join forces for best practices in banking sector

22/11/2017

Bank Muscat, the flagship financial services provider in the Sultanate, in partnership with the International Institute for Management Development (IMD) from Switzerland, one of the leading internati

Oman Daily Observer

Adnoc to venture into privatisation, oil trading-CEO

22/11/2017

Abu Dhabi National Oil Company (Adnoc) has embarked on a major shake-up plan to privatise its services businesses, venture into oil trading and expand partnerships with strategic investors, its chief

Gulfnews