United States  

Trusted News Discovery Since 2008
One News Page
> >

Saudi Aramco to bank US$25bn for 1.5% of company as IPO prices at top end of expected range

Proactive Investors Friday, 6 December 2019
Saudi Arabian Oil Co, otherwise known as Saudi Aramco, has priced its stock market float at the top end of the anticipated range - at 32 riyals or US$8.53 per share. It sees the company raise US$25.6bn by selling 1.5% of its equity, valuing the whole group at US$1.7 trillion. The IPO on Saudi Arabia’s stock exchange marks the first step in opening up the world’s largest oil company to public investors, and, is intended to be followed by a secondary listing on an international exchange. Opening up Saudi Aramco, effectively partially divesting some of the Kingdom’s ownership, is part of Crown Prince Mohammed bin Salman’s ‘Vision 2030’ strategy which aims to reduce Saudi Arabia’s dependence on oil and drive economic diversification with the development of health, infrastructure and tourism. Aramco reported a profit of around US$46.9bn for the first half of 2019, with most of that returned to the state in dividends. It puts into perspective the US$40mln reportedly being paid as a ‘site fee’ alone for the country to host this weekend’s high-profile boxing match between Britain’s Anthony Joshua and Mexican-American Andy Ruiz Jr. It is pitched as the most lucrative fight in boxing, and, such events are seen to be part of a ‘modernisation process’ and charm offensive, aligned with the Vision 2030 plan. Also as part of Vision 2030 is the proposed creation of a new ‘western’ city of Neom, a project near the Red Sea with an estimated at US$400bn cost. The idea is to establish a city with more relaxed laws, positioned as a tourist destination and host to major international events.
Credit: Rumble - Published < > Embed
News video: Saudi Aramco prices world's biggest IPO

Saudi Aramco prices world's biggest IPO 01:39

State-owned oil giant Saudi Aramco&apos;s IPO will be the biggest in history but concerns about corporate governance and nation&apos;s role in Middle East politics may have limited international interest. Conway G. Gittens has the details.

Recent related videos from verified sources

Ampersand Launches the And Platform to Unify Audience and Measurement Across Inventories [Video]Ampersand Launches the And Platform to Unify Audience and Measurement Across Inventories

Ampersand, the TV advertising and sales company owned by Comcast, Cox and Charter, is putting its vast data network of 38 million households to work with a new external platform that lets partners..

Credit: BeetTV - Affiliate     Duration: 09:00Published

Camels in Saudi Arabia unfazed as desert is covered in snow [Video]Camels in Saudi Arabia unfazed as desert is covered in snow

Northern parts of Saudi Arabia covered in a layer of snow in areas that are usually desert on January 10.

Credit: Newsflare STUDIO     Duration: 00:32Published

Recent related news from verified sources

IPO Roundup: Quartet of companies begin trading Friday; Phoenix Tree Holdings stumbles out of the gate

Four companies priced Thursday night and are looking to end the week with a strong first day of trading. Phoenix Tree Holdings Ltd (NYSE:DNK), a Beijing company...
Proactive Investors

Primary care clinic company One Medical sets terms for up to $322 million IPO

One Medical, which operates concierge medical clinics in nine major U.S. markets, set the terms for its slated IPO Tuesday. The filing, as San Francisco-based...

You Might Like

Tweets about this

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2020 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.