‎Luberef gets CMA’s nod to float 50.04 mln shares on Tadawul

‎Luberef gets CMA’s nod to float 50.04 mln shares on Tadawul

Saudi Aramco Base Oil Co. (Luberef) obtained the Capital Market Authority’s (CMA) approval to float 50.045 million shares on the Saudi Exchange (Tadawul).

The company will publish the prospectus within sufficient time ahead of the IPO, the market regulator said in a statement.

The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the company’s financial statements, activities and management.

The offering’s approval is valid for six months as of today, Nov. 24. It will be cancelled if the offering and listing of the shares are not completed within this period.

Founded in 1976 in Jeddah, Luberef is a joint venture (JV) between Mobil and Petromin. The latter’s 70% stake was transferred to Saudi Aramco in 1996, while Mobil sold its 30% stake to Jadwa Industrial Investment Co. in 2007, according to Argaam’s data.

Luberef produces base oils of the first and second categories, in addition to many by-products such as asphalt, heavy bunker fuel oil, inert wax, extracts and sulfur. This is besides white products like ultra-low sulfur diesel, naphtha and drilling fluids. It produces 1.3 million metric tons of base oils annually.

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