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Hinduja’s Hope To Raise $1Billion With Saudi’s Petromin IPO

Saudi Arabia : 02 June 2010

Hinduja Group, the vast family owned business group, has announced that it intends to sell 30 percent of its subsidiary company, Petromin, so it can raise between $800million to $1billion in 2010.

Petromin, a lubricants maker and a joint undertaking between the Gulf Oil International Group (which belongs to the Hinduja group) and the Dabbagh Group of Saudi Arabia, will launch its initial public offering (IPO) later this year, after ‘finalising the timeline’ according to, Sanjay Hinduja, Chair of Gulf Oil International.

The firm, which sees yearly revenues of $500million, has appointed HSBC affiliate Saudi British Bank to oversee the IPO.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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