Friday, June 21, 2024
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Saudi Arabia sells $11.2 Billion Worth of Aramco Shares at a Price of $7.27.

RIYADH: Saudi Arabia announced that it has priced its stock at SR27.25 ($7.27) and that it will sell shares of the oil giant Aramco to raise over $11.2 billion to finance its spending plans.

Aramco announced in a press release that the 1.545 billion shares, or roughly 0.64 percent of the company’s issued shares, were being offered in a secondary public offering. Based on the outcomes of the book-building process, the final offer price for institutional and retail investors was set at SR27.25 per share. With 1,331,915 subscribers, the retail offering was fully subscribed. It further stated that retail investors will receive 10% of the offer shares, excluding shares issued under the over-allotment option, and institutional investors will receive the remaining 90% of the offer shares.

The company further stated that this over-allotment option is fully and partially exercisable until thirty calendar days following the start of the offer shares’ trading on the Saudi Exchange, which is anticipated to occur on June 9, and will expire on July 9.

Approximately 0.70 percent of the issued shares of the company will be included in the offering if the over-allotment option is fully exercised. To ensure a market for its crude oil, Aramco wants to improve its international standing by continuing to produce oil, increasing the amount of gas it can produce, and merging its upstream and downstream businesses.

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Friday, June 21, 2024

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