SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Saudi Aramco Base Oil Company – Luberef Announces Final Offer Price
 
RIYADH – 11 December 2022:    Saudi Aramco Base Oil Company – Luberef (the “Company”), one of the largest base oils producers in the world and the leading base oils producer in the Kingdom of Saudi Arabia (the “Kingdom”) and SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia, as joint financial advisors, announce the successful completion of the book-building process for participating entities and the final offer price for the Company’s initial public offering (“IPO” or the “Offering”).
 
The final offer price for the Offering has been set at SAR 99 per share (“Final Offer Price”), implying a market capitalization of SAR 16.706 billion (USD 4.455 billion)[1] at listing. The institutional order book was 29.5 times oversubscribed with the book-building process generating an order book of around SAR 146.4 billion (USD 39.0 billion). 
 
Tareq Abdulaziz Alnuaim, President and CEO of Luberef, commented: “We are delighted that Luberef’s offering has been met with substantial interest from both local and international institutional investors. It is a testament to the investors’ confidence in our company, our growth strategy and the prospects for our industry.”
 
The retail subscription period will be for a five day period, commencing on Wednesday, 14 December 2022G and ending at 5 pm on Sunday, 18 December 2022G.
 
On 24 November 2022, the Capital Market Authority (the “CMA”) approved the Company’s application for an initial public offering of 50,045,00 shares (“Offer Shares”) representing 29.6562963% of the Company’s capital, by way of selling existing shares by Jadwa Industrial Investment Company (“Selling Shareholder”).
 
More information about the Company, the Offering and the subscription process is available in the Offering prospectus dated 24 December 2022G.
***
Background to the Offering:
• The CMA’s and the Saudi Exchange’s approvals have been obtained for the Offering and listing as outlined below:
o An offer of 50,045,000 ordinary shares, representing 29.6562963% of the Company’s issued share capital of 168,750,000 shares, by way of a sale of existing shares by Jadwa Industrial Investment Company.
o The Saudi Arabian Oil Company (Saudi Aramco) will not sell any of its shares in the Offering and will continue to own 70% of the Company’s share capital following completion of the Offering.
o The Company’s shares will be listed on the Main Market of the Saudi Exchange following the completion of the Offering and the listing formalities with the CMA and the Saudi Exchange.
o The Offer Shares will be offered to institutional investors, including institutional investors outside the United States in “offshore transactions” in accordance with Regulation S under the Securities Act, and individual investors. 
o A maximum of 12,511,250 ordinary shares, representing 25% of the total Offer Shares, will be allocated to individual investors. If individual investors do not subscribe for all the shares allocated to them, the Joint Financial Advisors may reduce the number of shares allocated to them in proportion to the number of shares for which they subscribed. 
• With respect to the Offering, the Company appointed SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia as Joint Financial Advisors, Bookrunners, Global Coordinators and Underwriters (collectively the “Joint Financial Advisors”). In addition, the Company appointed SNB Capital Company as the Lead Manager (the “Lead Manager”) in relation to the Offering.
• The Saudi National Bank (SNB), Alrajhi Bank, Riyad Bank, Alinma Bank, ANB, the Saudi Investment Bank, Bank Albilad, Banque Saudi Fransi, SABB, Meem (Gulf International Bank) and Bank Aljazira have been appointed as receiving entities (collectively, the “Receiving Entities”) for the individual investors’ tranche.
• Moelis & Company UK LLP (“Moelis”) has been appointed as an Independent Advisor to Saudi Aramco.


Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 4972 times
PR Category : Energy and Industry
Posted on : Monday, December 12, 2022  10:18:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of SaudiArabiaPR.com.
Next Story : ADNOC Distribution Shareholders Approve H2 2021 Dividend at ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Give More than a Gift with Pandora [6524-Views]
Create your Spider-Man Look [6255-Views]
Revealed: 65.24cm (2 Ft 1.68 in) Afshin Ghaderzadeh Declared World's Shortest Man [5111-Views]
It's a Record-Breaking First Season for Premier Padel as the Sport goes Global in 2022 [4161-Views]
Crafting an Icon: the New Moments Studded Chain [4099-Views]
French Ace Relishing Battle ahead as Bahrain Raid Xtreme Go for Glory in Saudi [2492-Views]
CNN Business Arabic is Now Live [2374-Views]
IATA Statement on Imposition of Travel Restrictions for Travelers from China [2261-Views]
‘Raptor Land' Middle East Becomes First Region to Welcome All Three of Ford's Off-Road Performance B... [2175-Views]
Universal Motors Agencies (ALTAWKILAT) – Saudi Auto distributor Expanding into UAE [2159-Views]
Passenger Recovery Continues in November [2107-Views]
Panasonic brings a New Level of Convenient, Healthy Cooking in KSA Homes with the NN-CD87 4-in-1 Con... [1846-Views]
Panasonic Announces Ahmed Abdulwahed Trading Co (AAW) as the New Distributor In Saudi Arabia [1843-Views]
BRX Primed for Toughest Test as Dakar Stretches into Empty Quarter [1687-Views]
Loeb leads Bahrain Raid Xtreme Recovery as Al Attiyah builds big Dakar Rally Lead [1625-Views]
Loeb Powers Bahrain Raid Xtreme to Dramatic Dakar Rally Stage Victory [1452-Views]
As Unique as your LOVE [1387-Views]
Update from Bahrain Raid Xtreme after Today's Stage 11 at Dakar Rally [1326-Views]
Four in a Row for BRX as Loeb's Dakar Charge continues in empty Quarter [1294-Views]
Loeb Completes Hat-Trick of Dakar Stage Wins for BRX [1220-Views]
 
RSS Facebook Twitter LinkedDin SaudiArabiaPR.com on Instagram
 
Top Sections
 
Top Stories