VOL. XLIV

No 30

23-July-2001

SAUDI ARABIA

Motor Oil (Hellas) IPO Undersubscribed

The initial public offering (IPO) for theSaudi Aramco subsidiary Motor Oil (Hellas) Corinth Refineries was undersubscribedand priced at the bottom of the (Euro) 10.30-10.98 range after investorsapplied for just 30% of the planned flotation, the company said on 16 July.Shareholders Aramco and the local Vardinoyannis Group had planned to raiseDr60-65bn ($148-160mn) from the issue, which was equal to 17% of paid-up...