Saudi Automotive Services Co said on Wednesday it is raising 190 million riyals ...
FILE PHOTO: An employee in a branded helmet is pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
Saudi Automotive Services said the loan proceeds will help diversify its investments by subscribing to Aramco’s shares. SABB Bank provided the medium term financing, it said. Aramco plans to sell up to 1.5% of its shares in an IPO that is expected to raise up to $25.6 billion. The offer is oversubscribed, with orders from institutional investors worth more than $50 billion so far.
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