Saudi Arabia’s Dabbagh Said to Work With JPMorgan on Stake Sale - Bloomberg

Saudi Arabia’s Dabbagh Said to Work With JPMorgan on Stake Sale - Bloomberg:

"Saudi Arabia’s Dabbagh Group is reviving plans to sell a minority stake in its lubricants and automotive services unit Petromin Corp, people with knowledge of the matter said.
Dabbagh is working with JPMorgan Chase & Co. on the sale of about 20 percent of the business, the people said, asking not to be identified as the information is private. The company could be valued at about $1.5 billion, the people said, though no final agreements have been reached and talks may still falter.
Dabbagh Group, a family-owned group with interests from automobiles to real estate and food, bought a 49 percent stake held by India’s Hinduja Group to take full control of Petromin in 2013. The family-owned firm canceled plans to sell a 20 percent stake in 2014 and was also weighing an initial public offering."



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