RIYADH: Saudi Aramco’s Luberef refinery unit is apparently planning an initial public offering aimed at raising over $1 billion, Bloomberg reported quoting people familiar with the matter.
According to the report, Aramco has already appointed the local unit of HSBC Holdings Plc and SNB Capital to advise on the offering.
The sources, who wished to stay anonymous, also noted that the company’s current plan is to sell a 30 percent stake owned by Jadwa Investment.
It was in 2007 that Jadwa acquired the stake in Luberef from Exxon Mobil Corp.
With the new move, Luberef will join the long list of several Aramco subsidiaries that are already listed on the Saudi stock exchange.
These include Saudi Basic Industries Corp., and Rabigh Refining & Petrochemical Co.
Saudi Aramco’s Luberef refinery unit eyes 1bn IPO: Bloomberg
Source: Viral Real Articles
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