Salman M. Al-Sudairi alongwith Latham and Watkins advised on SAR 4.95 Billionworth of IPO and Listing
Salman M. Al-Sudairi alongwith Latham and Watkins advised on SAR 4.95 Billionworth of IPO and Listing
SAR4.95 billion worth IPO of Luberef listed in Saudi Exchange's Main Market
The Saudi Arabian The Law Firm of Salman M. Al-Sudairi along with its American multinational partner Latham & Watkins has successfully advised and helped a group of various companies as underwriters of Luberef, the Saudi Aramco Base Oil Company, on the IPO and listing of ordinary shares on the Saudi Exchange's Main Market.
The Law Firm of Salman M. Al-Sudairi and Latham & Watkins advised SNB Capital, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Citigroup Saudi Arabia. The total worth of the IPO listing of ordinary shares is valued at SAR4.95 billion which works out to approximately US $1.3 billion.
The IPO involves the offer and sale of 50.045 million ordinary shares which accounts for 29.66 per cent of Luberef's issued share of 186.75 million shares through a sale of the existing shares by the Jadwa Industrial Investment Company.
The three-fourth (75 per cent) of these shares have been sold to institutional investors while the remaining one-fourth (25 per cent) were sold to retail investors at the final offer price of SAR99 (US $26.4) per share.
The legal team associated with the deal was led by partner Salman Al-Sudairi of the Law Firm of Salman M. Al-Sudairi and his Riyadh associates Najla Al-Gadi and Aya AlHumaid.
London corporate partners James Inness and Ryan Benedict led the Latham & Watkins team. They were assisted by London associates of the firm Koushik Prasad and Tom Channing, and Milan associate Irene Pistotnik.
Luberef is one of the largest global base oil producers and the leading base oil producer in the Kingdom of Saudi Arabia.
