Fajr Capital completes exit from National Petroleum Services

Fajr Capital completes exit from National Petroleum Services

Dubai, United Arab Emirates:– Fajr Capital has today announced that it has completed the sale of its investment in National Petroleum Services (“NPS”) to National Energy Services Reunited Corp. (“NESR”) (NASDAQ: NESR).

On 13 November 2017, Fajr Capital announced the signing of a definitive agreement to fully exit its significant minority stake in NPS along with its consortium partners. The transaction was subject to customary closing conditions and regulatory approvals, all of which have been satisfied and granted.

Following the successful closing, NPS will combine with NESR and Gulf Energy SAOC (“GES”) to become the first and only listed national oilfield services company (collectively, the “Company”) in the Middle East and North Africa region. The leadership team of NPS will remain with the Company in management, senior advisory, and board positions. The Company’s primary operating locations will be in Dammam, Saudi Arabia, Muscat, Oman and Dubai, UAE.

Iqbal Khan, CEO of Fajr Capital said: “National Petroleum Services was a successful investment for Fajr Capital and validates our strategy to invest in the potential of well-managed regional businesses. In 2014, we led a consortium of leading institutional investors and partnered with a world-class management team to accelerate the growth of National Petroleum Services. I am very pleased that Fajr Capital has enabled the company to expand organically and through acquisitions, despite a very challenging oil and gas industry environment. The company’s stellar performance allowed us and our consortium partners to exit the investment by doubling our invested capital in less than four years. As National Petroleum Services embarks on the next stage of its journey, we wish NESR, the management team and the new and existing shareholders every success in the future.”


For further information, please contact:

Noman Tahir

Direct: +971 56644 2530

Email: media@fajrcapital.com    

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases