Riyadh – Mubasher: The Capital Market Authority (CMA) greenlighted, on 24 November, the initial public offering (IPO) of Saudi Aramco Base Oil Company (Luberef), a subsidiary of Saudi Arabian Oil Company (Saudi Aramco).

Luberef plans to list 50.04 million shares, accounting for 29.65% of its share capital, on the Saudi Exchange (Tadawul), according to a bourse disclosure on Thursday.

Earlier, Luberef penned memoranda of understanding (MoUs) with Bahri Chemicals and Bahri Logistics, two business subsidiaries of the listed National Shipping Company of Saudi Arabia (Bahri), to foster cooperation between the involved parties.

It is worth noting that in the first nine months (9M) of 2022, listed Aramco registered net profits after Zakat and tax worth SAR 488.78 billion, a hike of 67.97% from SAR 291 billion in 9M-21.