Saudi Arabia's Petrolube Oil received approval from the Capital Market Authority for an IPO to sell as much as 30% of the company
Approval is valid for six months from 31 March
Petrolube, owner of the Petromin brand, operates two blending plants in Saudi Arabia and one in the UAE
Saudi Arabia’s Petrolube Oil, the country’s largest lubricant blender, received regulatory approval for an initial public offering (IPO) to sell as much as 30% of the company to investors.
The Capital Market Authority’s approval is valid for six months from 31 March and will be cancelled if the listing of the company’s shares is not completed within that period.
Petrolube will publish a prospectus ahead of the share sale covering its financial performance, operations and management structure.
Owned by Al-Dabbagh Group, Petrolube manufactures and markets lubricants under the Petromin brand. The company operates two blending plants in Saudi Arabia and one in the UAE, supporting domestic and regional markets such as Pakistan and Egypt.
The IPO comes as Saudi Arabia continues to expand its presence across the base oils and lubricants industry, including Saudi Aramco Base Oil’s planned start-up of expanded capacity at its Yanbu base oils facility in the second half of this year.