Saudi auto services firm raises $50 million to invest in Aramco IPO - Reuters:
Saudi Automotive Services Co said on Wednesday it is raising 190 million riyals ($50.67 million) in debt to invest in the initial public offering of state-owned oil giant Saudi Aramco.
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.
Saudi banks have been offering easy loans to retail investors to bid for shares in Aramco, the crown jewel of the Saudi economy and the world’s most profitable company.
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