Saudi Aramco’s Luberef expects to raise up to $1.32bln from IPO
Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 […]
Voltas’ unit lands HVAC services contract in Saudi Arabia
Voltas, a premier air conditioning and engineering solutions provider and a projects specialist, said its International Operations Business Group has won a new project in Saudi Arabia to provide heating, ventilation, air conditioning (HVAC) services for the buildings connected to the Jubail 3B Independent Water project. Founded in India in 1954, Voltas Limited is part […]
Aramco’s Luberef unveils price range for IPO on Tadawul
Saudi Aramco Base Oil Company (Luberef) set the price range for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 91-99 per share. Luberef plans to list 50.04 million shares, representing 29.65% of its issued share capital, according to a bourse filing. Participating entities can apply for a […]
Saudi NWC starts implementing water projects
Saudi Arabia’s National Water Company (NWC) has commenced the implementation of desalinated water distribution system projects in the cities of Dammam, Khobar, Ahsa, and Qatif. The SAR 4.30 billion projects will supply these areas with desalinated water around the clock. The projects include the implementation of more than 316-long transporting and main lines, the construction […]
Analysis: Oil revenue surpluses will embolden Saudi’s PIF in 2023
Saudi Arabia’s Public Investment Fund (PIF) is expected to again spend big in 2023 to diversify the kingdom’s hydrocarbon-based economy as a record budget surplus provides the financial firepower to further swell its assets under management. Crown prince Mohammed Bin Salman (MBS) has transformed the PIF since he became chairman in 2015, moving numerous […]