PetroRabigh IPO Set for Early January

PetroRabigh, a 50-50 joint venture between Saudi Aramco and Sumitomo Chemical, will be floated on the Saudi stock exchange in early January following a previously announced initial public offering (IPO). The IPO will take place between January 5 and 12, 2008. Sumitomo and Aramco will float 25% of PetroRabigh and the partners’ stakes in the jv will each fall to 37.5%. The partners will offer 219 million shares to Saudi investors only. The Saudi Capital Market Authority (Riyadh) has approved the offering, Sumitomo says. PetroRabigh is currently upgrading an...

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