Saudi Aramco's $12 billion share sale last Sunday, selling 1.545 billion shares at 26.70-29 riyals each, saw immediate success, attracting keen interest from global investors.
In a filing with the Saudi Exchange last week, Saudi Aramco (ARMCO), the country's largest energy corporation, announced its intention to sell shares in the state-owned oil company to raise funds for economic diversification initiatives in the kingdom. The sale, which happened on Sunday, was a huge success, with the US$12 billion in shares selling out almost immediately after it opened. The agreement provided around 1.545 billion Aramco shares, or roughly 0.64% of the business, for between 26.70 and 29 riyals. The shares will offer a healthy 6.6% dividend, according to Bloomberg Intelligence, and buyers will be hoping to profit from the anticipated ~$124 billion yearly payout.
Industry observers will surely be anxiously awaiting the announcement in an attempt to determine international interest in ...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
