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☆ Saudi's SABIC to sell steel unit Hadeed to PIF for $3.3 billion
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 3 (Reuters) - Saudi Basic Industries Corp (2010.SE) said on Sunday it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF) for an enterprise value of 12.5 billion riyals ($3.33 billion). SABIC, one of the world's biggest petrochemical companies, reported a massive slump in its second-quarter net profit on lower average sales prices and weaker demand. The fair valuation of Hadeed's net assets is expected to result in a non-cash loss of between 2 to 2.5 billion riyals in Q3 earnings, SABIC said. Separately on Sunday, it was announced the PIF had sold its 10.9% stake in National Gas and Industrialization Company through a private share sale for 491.2 million riyals ($130.96 million). ($1 = 3.7508 riyals)Reporting by Rachna Uppal; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: SABIC, Hadeed, Rachna, David Evans Organizations: Saudi Basic Industries Corp, Saudi Iron and Steel Company, Public Investment Fund, National Gas and Industrialization Company, Jadwa Investment, Thomson Locations: DUBAI, Saudi

DUBAI, June 5 (Reuters) - Saudi Arabia's sovereign wealth fund will take control of four of the kingdom's top soccer clubs including Al-Nassr, which Cristiano Ronaldo plays for, as the government revives a plan to privatise several state-owned sports clubs. All are in the top-flight Saudi Professional League, except Al-Ahli which is in the second-tier Saudi First Division. The privatisation plan, mainly focused on soccer clubs and launched by Saudi Crown Prince Mohammed bin Salman, allows companies and development agencies to invest in and take over clubs, SPA reported earlier on Monday. The kingdom aims for the revenue of the Saudi Professional League to increase to 1.8 billion riyals ($480 million) annually by 2030 from 450 million riyals. Saudi oil giant Aramco will own Saudi First Division club Al-Qadsiah, Third Division side Alula FC will be owned by the Royal Commission for Al-Ula while First Division club al-Diraiyah FC will be controlled by Diriyah Gate Development Authority.

Persons: Cristiano Ronaldo, PIF, Saudi Crown Prince Mohammed bin Salman, Ula, Ronaldo, Al Nassr, Lionel Messi, Jana Choukeir, Yousef Saba, Sriraj Kalluvila, Emelia Organizations: Al, Public Investment Fund, Twitter, Saudi Professional League, Saudi, Division, Saudi Crown, Second Division, NEOM, Saudi First Division, Alula FC, Royal Commission, First Division, Diraiyah FC, Diriyah, Development Authority, Investment, Premier League, Newcastle United, Reuters, Thomson Locations: DUBAI, Saudi, al, Ittihad, Al, Ahli, Hilal, Saudi Arabia, Portuguese, Argentina

☆ Saudi Aramco's Luberef expects to raise up to $1.32 bln from IPO
▼ + stars: | 2022-12-04 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Dec 4 (Reuters) - Saudi oil giant Aramco's (2222.SE) 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. Gulf issuers have raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. A minimum of 75% of the Luberef shares being sold will be offered to institutional investors, with bookbuilding getting underway on Sunday and running until Friday. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment the remaining 30%. Saudi Aramco's record listing in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

☆ Saudi Aramco's Luberef gets regulator nod for IPO
▼ + stars: | 2022-11-24 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

DUBAI, Nov 24 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million of its shares, equivalent to 29.656% of its share capital. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment owns the remaining 30%. Gulf issuers have raised about $16 billion in initial public offerings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. Saudi Aramco's record listing on Riyadh's Tadawul exchange in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

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