Saudi Aramco’s refining unit proceeds with 29.7% Tadawul IPO plan – The National

Saudi Aramco’s refining unit proceeds with 29.7% Tadawul IPO plan – The National

Saudi Aramco Base Oil Company (Luberef), the refining unit of oil major Saudi Aramco, said it plans to proceed with an initial public offering, as the world’s biggest crude producer seeks to list some of its subsidiaries.

Luberef will sell 50 million shares, or 29.7 per cent of the company's issued share capital, through the IPO on the main market of Saudi Arabia's Tadawul stock exchange, the company said in a statement on Sunday.

The company is selling existing shares owned by Jadwa Industrial Investment Company.