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PetroRabigh IPO price set

Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh), a joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, is to sell its shares at SR21 ($5.60) per share in its initial public offering (IPO) which opens on January 5, reported Arab News citing the Al Riyadh newspaper. The pricing values the 25% stake it is selling at $1.2bn; the IPO is open to Saudi nationals and closes on January 12.