Foreign investors acquired the majority of Aramco’s offered shares


Saudi Aramco Oil Company announced that investors from outside the Kingdom had acquired the majority of the shares it offered for sale, and indicated that it would raise $11.2 billion through them.

The giant group, which is mostly state-owned, announced in late May the offering of 1.545 billion shares, or about 0.64 percent of its issued shares, for sale in the Saudi market.

This is the second offering after an initial public offering in 2019 of about 1.5 percent of the shares of the company, which is the fifth largest company in the world in terms of market value, and it raised $25.6 billion, making it the largest initial public offering in the world.

The company said in a statement addressed to the Saudi stock market, that the recent offering “according to which the majority of the shares allocated to the institutional segment subscribing to the offering were allocated to investors outside the Kingdom.”

Aramco ended its trading on Sunday at 28.60 Saudi riyals ($7.63) per share, after opening at 27.95 riyals, giving it a market value of about 1.85 trillion dollars.

Sources familiar with the file told Agence France-Presse that about 58 percent of these shares were allocated to foreigners, an increase from the 23 percent that was approved in the initial public offering, which was the largest in the world.

The sources, who requested to remain anonymous, indicated that about 70 percent of subscription applications from outside the local market were from the European Union and the United States, while others varied between Japan, Hong Kong, and Australia.

The exchange rate of the dollar in Lebanon today, moment by moment

« Fleeing from the security forces: relying on a law for exemptions

[previous_post_link]

Back to top button

Adblock Detected

please turn off ad blocker