Saudi Aramco receives approval for IPO of its subsidiary

The Saudi Capital Market Authority announced on Thursday that the kingdom's stock market watchdog has given the go-ahead for an IPO for Aramco's oil subsidiary Luberef.

A total of 50.045 million Luberef shares, representing 29.656% of the company's share capital, will be made available to investors by Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co.

Investment firm Jadwa Investment holds the remaining 30% of Luberef, while other 70% belong to Aramco itself.

source: bloomberg.com