The Clap
Luberef wants to list its shares on the Saudi Tadawul through an IPO.
What
Ibrahim Al-Buainain, Chairman of Lubref, expects that listing on the Saudi Tadawul will strengthen the company’s growth strategy in becoming a major provider of base oils and specialized products.
Luberef’s IPO could reach more than $1 billion, according to Bloomberg.
Background
On November 24, the Capital Market Authority (CMA) approved Luberef’s request to offer 29.6% (around 50 million shares) of the company’s capital.
So What
The company is one of the world’s leading suppliers of premium quality base oils, and the sole producer of unrefined base oils in KSA.
Now What
Saudi Aramco (2222) owns a 70% stake in Luberef while Jadwa Investment owns a 30% stake.
