• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 4 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 5 days Bad news for e-cars keeps coming
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 6 days RUSSIA - Turkey & India Stop Buying Russian Oil as USA Increases Crackdown on Sanctions
Raw Material Shortages Weigh on EU Ammunition Production

Raw Material Shortages Weigh on EU Ammunition Production

An investigation revealed the EU's…

Sanctions Strand Over 50 Russian Oil Tankers

Sanctions Strand Over 50 Russian Oil Tankers

More than 50 oil tankers…

Saudis To Raise At Least $11.2 Billion from Aramco’s Share Sale

The Kingdom of Saudi Arabia is poised to raise at least $11.2 billion from the ongoing secondary offering of shares in Saudi oil giant Aramco, Bloomberg reported on Friday, citing anonymous sources with knowledge of the matter.

The Saudi government is expected to sell the 1.545 billion shares of Aramco on offer, or about 0.64% of the company’s issued shares, at $7.27 (27.25 Saudi riyals) per share, according to Bloomberg’s sources.  

Aramco has set a price range of between 26.70 and 29 riyals apiece in the offering.  

Thursday was the deadline for potential investors to submit bids in the secondary offering. 

Aramco’s stock offering, the biggest such deal globally for three years, is set to generate more than $11 billion in proceeds for the Kingdom, whose Crown Prince Mohammed bin Salman looks to transform Saudi Arabia into a modern digital and tourism economy diversified from oil. 

Currently, the Saudi government owns about 82% of Aramco, while the sovereign wealth fund of Saudi Arabia, the Public Investment Fund (PIF), has around 16% of the oil giant. 

Saudi Aramco made its debut on the Saudi Stock Exchange in December 2019 and raised around $30 billion in a share listing which became the world’s largest ever.

Since the IPO, the Saudi rulers, including Crown Prince Mohammed bin Salman, have said on several occasions there would be more Aramco shale sales in the future. 

The secondary offering was launched on June 2 and sold out in hours, according to sources who spoke to Bloomberg last weekend. 

The share sale has drawn strong demand from foreign investors, sources with knowledge of the matter told Bloomberg on Thursday.  

ADVERTISEMENT

*/ ?>

Demand from foreign investors will be carefully gauged by market analysts to see if the Saudi oil giant has managed to draw interest from abroad this time, after the little enthusiastic foreign investors during the IPO in 2019. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News