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Saudi Aramco Refiner Hires Banks for $1 Billion Share Sale

  • Luberef plans to sell 30% on the Saudi stock exchange
  • Jadwa to sell shares; Aramco to retain controlling interest
Updated on

Saudi Aramco Base Oil Co., a refining unit of the state-owned oil producer, named banks including Citigroup and HSBC Holdings Plc for its initial public offering on the Saudi stock exchange, which could raise about $1 billion.  

The company, also known as Luberef, is planning to sell 50 million shares, or a nearly 30% stake, according to a statement. The price at which all subscribers in the offering will purchase the shares will be determined after the book-building period.