RIYADH: Saudi Aramco Base Oil Co, a refining unit of the state-owned oil producer, named banks including Citigroup and HSBC Holdings Plc for its initial public offering (IPO) on the Saudi stock exchange, which could raise about US$1bil (RM4.48bil).
The company, also known as Luberef, is planning to sell 50 million shares, or a nearly 30% stake, according to a statement.
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