Wednesday, June 19, 2024

Saudi Aramco Begins Secondary Share Offering

Oil giant Saudi Aramco initiated a secondary share offering on Sunday, aiming to raise nearly $12 billion, in a move to strengthen state finances amidst ambitious economic reforms.

The company unveiled plans to sell 1.545 billion shares on the Saudi stock market, priced between 26.70 and 29 Saudi riyals ($7 to $7.70). The book-building period for investors inside and outside the kingdom began on Sunday, allowing officials to assess demand.

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Meetings with institutional investors will continue through Thursday, with about 10 percent of the shares offered to retail investors starting Monday. The final offer price will be announced on Friday, followed by shares trading commencing on Sunday.

This marks Aramco's second listing, following its historic initial public offering in December 2019, which raised $25.6 billion. Currently, Saudi Arabia owns 82.18 percent of Aramco's shares, a figure expected to reduce to around 81.5 percent after the secondary share sale.

Crown Prince Mohammed bin Salman relies on Aramco's profits to fund Vision 2030, an ambitious reform program aimed at preparing Saudi Arabia for a post-oil future.

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