‎Jadwa Investment divests Luberef through IPO on Tadawul

‎Jadwa Investment divests Luberef through IPO on Tadawul

Jadwa Investment, a leading investment management and advisory firm in the Middle East, has fully divested Jadwa Industrial Investment Company’s 30% stake in the Saudi Aramco Base Oil Company (Luberef) through a public offering of its shares on the Saudi Stock Exchange (Tadawul).

Luberef is one of the largest base oil producers in the world and a leading supplier of high-quality base oils to regional and international markets. The Company serves its clients through two production facilities strategically located in the port cities of Jeddah and Yanbu. Over the course of Jadwa’s investment, Luberef more than doubled its annual base oil production volumes to approximately 1.2 million tonnes by expanding its Yanbu refinery and introduced Group II base oil production to Saudi Arabia. In 2021, Luberef recorded over SAR 8.8 billion in revenue and SAR 2.1 billion in EBITDA.

Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said: “Jadwa is proud to have played a role in Luberef’s transformative journey alongside our partners at Saudi Aramco. The company is a clear market leader and a representation of Saudi manufacturing ingenuity. Luberef’s growth story exemplifies Jadwa’s focus on long-term value creation. We are excited for the opportunities this listing presents for Luberef