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DUBAI, United Arab Emirates, 31 May (AP) \u2014 Saudi Arabia said Friday it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019.<\/p>\n
Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the stock sale in a corporate disclosure online. It put the number of shares being offered at 1.545 billion, priced at between $7.12 and $7.73 a share.<\/p>\n
At the high range of the valuation, that would make the shares worth some $11.9 billion. They\u2019ll begin being sold on Sunday to institutional investors and on Monday to retail investors.<\/p>\n
Aramco has a market value of $1.8 trillion, making it the world\u2019s sixth most valuable company behind Microsoft, Apple, NVIDIA, Google owner Alphabet and Amazon respectively.<\/p>\n
Just 1.73% of the company, a narrow sliver, has been traded on the Tadawul, Saudi Arabia\u2019s stock exchange, since the company\u2019s 2019 IPO. This additional offer represents 0.64% of all the company\u2019s shares.<\/p>\n
The Saudi government remains the dominant shareholder in Aramco, with shares also going toward the kingdom\u2019s sovereign wealth funds as part of its efforts to rapidly diversify the country\u2019s economy away from oil.<\/p>\n
Saudi Arabia\u2019s vast oil resources, located close to the surface of its desert expanse, make it one of the world\u2019s least expensive places to produce crude.<\/p>\n
Shares in Aramco stood around $7.75 a share in trading Thursday. Aramco shares have lost nearly 12% of their value since the start of the year.<\/p>\n
Aramco reported making a $121 billion profit last year, down from its 2022 record due to lower energy prices.<\/p>\n
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DUBAI, United Arab Emirates, 31 May (AP) \u2014 Saudi Arabia said Friday it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the stock sale […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-241357","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-world"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/241357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=241357"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/241357\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=241357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=241357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=241357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}