Saudi Aramco issues IPO prospectus
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02:29
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10 November 2019
According to the largest state-run oil company in the Kingdom, the prospectus confirms to offer up to 0.5 percent of its shares to individual investors, adding that selling shareholders will receive all of the proceeds of the offering and will reimburse Saudi Aramco for all fees, costs and expenses in incurs, APA reports citing Sputnik.
The document also stresses that the company will be prohibited from listing additional shares for a period of six months after the commencement of trading of the shares on the exchange.
Last week, the nation's Capital Markets Authority announced that they had agreed to approve Saudi Aramco's request to partially place its shares; first on the local Tadawul stock market, and then abroad, placing a total of 5 percent of the company's shares.
According to media reports, the start of collecting investors' applications is expected on 4 December, while the trading of shares will commence on 11 December.
Security concerns in the region may reportedly take the shine off the upcoming listing on the kingdom’s stock exchange.
The company’s oil facilities in Abqaiq and Khurais were attacked and partially destroyed in September, which temporarily cut Saudi oil production by half and resulted in a decrease of 5 percent in world oil output. The facilities have been largely repaired but concern over vulnerability remains, especially amid persistent tension between Saudi Arabia and its neighbors.
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