Friday, June 21, 2024
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Foreigners take the “Majority” of the Share Offering, According to Saudi Aramco.

Oil giant Saudi Aramco announced on Sunday that foreign investors had snapped up the majority of the shares sold in its most recent offering, which was expected to raise $11.2 billion.

As part of a reform drive to prepare for a potential post-oil future, the kingdom is building large-scale projects like stadiums and resorts, so the secondary offering was expected to boost Saudi Arabia’s finances temporarily.

Before the Saudi stock exchange reopened on Sunday, the company released a statement stating that most of the shares that made up the institutional tranche of the offering were allotted to investors not based in the kingdom.

Aramco’s market capitalization is approximately $1.85 trillion as of Sunday’s closing price of 28.60 Saudi riyals ($7.63) per share, following an opening price of 27.95 riyals.

According to sources, approximately 58% of the company’s shares were allotted to foreign investors. This represents a significant increase from roughly 23% of the shares during the company’s historic initial public offering in 2019.

According to the sources, about 70% of orders placed outside the local market originated in the US and the EU, with smaller percentages coming from Australia, Hong Kong, Japan, and Hong Kong.

Also Read:

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Friday, June 21, 2024

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