luberef announces its intention to float on the Saudi Exchange Market, a driving force in Saudi industrialization ambitions

Saudi Aramco Base Oil Company (Luberef) announce its intention to offer 29.6562963% of its share capital to the public through an initial public offering (IPO) and listing its shares on the Main Market of the Saudi Exchange, creating opportunities for investors to participate in one of Saudi Arabia’s most prominent sectors.
All the Offering Shares will be offered to individual and institutional investors (including institutional investors outside the United States), with a claw-back by the retail investors of up to 25%, as determined by the Joint Financial Advisors.
Ibrahim Qassim Al Buainain, Chairman” We believe Luberef is an integral part of Saudi Arabia’s supply chain and a driving force in the Kingdom’s industrialization ambitions. Luberef’s listing adds an important strategic dimension to the Company’s growth strategy, while facilitating our vision to be the leading supplier of premium base oils and specialty products.”
From his part, Tareq Abdulaziz Alnuaim , President and CEO said “Luberef’s IPO supports its growth ambitions, will strengthen its already competitive business and unlock new opportunities for its stakeholders. Since its establishment, Luberef has built a robust reputation for delivering high-quality base oil products in the Kingdom of Saudi Arabia and beyond, while creating value for all its stakeholders. As we have done in the past, Luberef will continue focusing on achieving growth in key end-markets, especially where market dynamics present attractive demand outlooks.”