Saudi Arabia’s Jadwa Investment plans to invest around 2 billion riyals ($532 million) to buy stakes in several companies and list three of its subsidiaries on the stock exchange by 2025, as it seeks to capitalize on the region’s rapid economic growth.
Bloomberg quoted Jadwa managing director and CEO Tariq Al-Sudairy as saying in written statements that the company is in advanced talks to complete two securities purchases within the next 12 months, with a focus on the consumer and healthcare sectors.
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In a separate press release, Jadwa said it had sold its 30 percent stake in oil refiner Saudi Aramco Base Oils Luberef, a subsidiary of oil giant Saudi Aramco, which owns 70 percent of Aramco Lubricants.
The company also carried out the initial public offering of 50 million shares in the refining company, at the maximum offering price, raising 4.95 billion riyals.
The stock is scheduled to start trading on the Saudi stock exchange on Wednesday.
Luberef’s initial public offering was worth $1.3 billion, the latest IPO of more than $1 billion in Saudi Arabia, amid slowing share sales globally.
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