The Saudi Public Investment Fund (PIF) is negotiating with the major shareholders of Addis International Petroleum Company to submit a bid to buy the full shares of the company, which was founded by Egyptian businessman Mamdouh Abbas and has been listed on the London Stock Exchange since June 2017, according to the Egyptian newspaper, Al Borsa.

Addis operates in the field of oil and gas drilling and production services in the Middle East and Africa region. It provides offshore and onshore drilling services, drilling operations and offshore production services, and includes both Addis International Holdings Ltd., a limited liability company established in the UAE and listed on the Stock Exchange. London, and the advanced petroleum services company «Addis Egypt», a joint stock company established in Egypt and wholly owned by Addis International.

Addis business has grown to become the largest Egyptian offshore drilling operator through a number of rigs, with an increasing presence in Saudi Arabia and Algeria, in addition to continuous communication in new markets in the Middle East and North Africa.

Sources revealed to the newspaper, that the fund is still in the stages of preliminary negotiations and intends to submit a purchase offer, indicating that the financial group "Hermes" is playing the role of financial advisor to the company in the deal.

The sources, who declined to be identified due to the privacy of the negotiations, confirmed that meetings took place last week between the shareholders of Addis and the Public Investment Fund to find out the final details before the latter submitted the acquisition offer.

Addis had offered 40% of its shares on the London Stock Exchange in May 2017, at a price of $ 16.50 a share, with a total proceeds of $ 278 million, after it canceled its earlier plans to offer on the Egyptian Stock Exchange, while the sources refused to disclose the value of the transaction.