Saudi Aramco gets regulator nod for Luberef IPO

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Saudi oil giant Aramco’s base oil subsidiary, Luberef, has received the green light from the Kingdom’s stock market regulator for an initial public offering, the Capital Market Authority said on Thursday.

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Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million shares of Luberef, equivalent to 29.656 percent of its share capital.

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