Advertisement
News

Saudi Aramco Begins Secondary Share Offering

Advertisement

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.

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.

Advertisement
News Desk

Recent Posts

Senior Russian General Killed in Car Bomb Near Moscow

A senior Russian military official, Major General Yaroslav Moskalik, was killed on Friday in a…

1 day ago

LUMS Launches CeDAR to Drive Blockchain and Web 3.0 Innovation in Pakistan

The Center for Digital Assets Research (CeDAR) at LUMS was officially launched on April 24,…

1 day ago

IPAK Group Posts Strong Q3 Results

International Packaging Films Limited (IPAK) Group has recorded 66% increase in its revenues for the…

1 day ago

AKU, Local and Global Partners Launch Landmark Malaria Elimination Project in Thatta

The Aga Khan University (AKU) marked World Malaria Day with the launch of the Thatta…

1 day ago

Stanford Scientists Unveil Solar Panels That Work at Night

Researchers at Stanford University have unveiled a breakthrough in solar technology: a new type of…

1 day ago

NDMA Warns of Severe Weather Across Pakistan, PMD Issues Heatwave Alert Ahead of May Storm System

The National Disaster Management Authority (NDMA) has warned of unstable weather conditions across several parts…

1 day ago