Saudi Aramco announce secondary public offering of shares on June 2

Saudi Gazette report

RIYADH —

The Government of Saudi Arabia and Saudi Aramco have announced on Thursday the launch of a secondary public offering of ordinary shares of Saudi Aramco. The offering will commence on Sunday, 2 June 2024.

The offering includes 1.545 billion shares of the Company, representing approximately 0.64% of the Company's issued shares. The price range for these shares is expected to be between SR26.70 and SR29.00 per share.

The Government and the Company are restricted from disposing of the Company's shares for six months following the closing date of the offering, expected to be Tuesday, 11 June 2024, subject to certain exceptions and unless waived by the Joint Global Coordinators. The offering is open to institutional investors in Saudi Arabia, qualified institutional investors outside Saudi Arabia, and eligible retail investors in Saudi Arabia and other GCC countries. Outside the Kingdom, the offering will comply with Regulation S under the US Securities Act of 1933, as amended.

Saudi Aramco will hold meetings with institutional investors from Sunday, 2 June to Thursday, 6 June 2024. Of the total offer shares, 154.5 million shares, representing 10%, will be allocated to retail investors, provided there is sufficient demand. Any updates or amendments to the offering terms, excluding the number of shares allocated to retail investors, will be announced.

The Government will receive all net proceeds from the offering and will reimburse the Company for all related fees, costs, and expenses, ensuring that the Company does not receive any proceeds from the offering and that there is no dilution of shares for other shareholders.

M. Klein and Company and Moelis & Company UK LLP are acting as independent financial advisors for the offering. Citigroup Saudi Arabia, Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia Company, Merrill Lynch Kingdom of Saudi Arabia, Morgan Stanley Saudi Arabia, and SNB Capital Company are serving as joint global coordinators and joint bookrunners. Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital are acting as domestic joint bookrunners. SNB Capital Company is the lead manager of the offering. Alinma Bank, Alrajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, and Saudi National Bank are the receiving entities for the offering.

Provided by SyndiGate Media Inc. (Syndigate.info).

OTHER NEWS

30 minutes ago

Idina Menzel talks returning to the Tonys and the Broadway stage in new musical

32 minutes ago

Snezana Wood: The Bachelor star reveals there is more than meets the eye in memoir Untold

37 minutes ago

Tom Brady easing into retirement - sort of.

37 minutes ago

How does the IDF dismantle Hamas strongholds in Rafah?

37 minutes ago

Conservatives avoid staking out clear position on supervised consumption sites

37 minutes ago

Irish crime writer Andrea Mara on learning to pat herself on the back after major TV deal with Sarah Snook

39 minutes ago

Scotland v Hungary LIVE: Euro 2024 team news, line-ups and more ahead of crucial Group A decider

43 minutes ago

Peter Dutton claims his nuclear energy plan will be cheaper than renewables

43 minutes ago

Trump will inherit a ‘very bad situation’ from Biden: Former Trump senior advisor

43 minutes ago

China’s global grip on rare earths an ‘uncomfortable reality’

43 minutes ago

Amy Yang, at 0-for-75, looks to end her majors drought in Women's PGA

51 minutes ago

Fikile Mbalula’s brother, Jabu, lands top job as MEC in Free State

51 minutes ago

Sundowns: Rulani Mokwena, Manqoba Mngqithi’s salaries were poles apart

51 minutes ago

‘There is no Hairy Bikers without Dave’: Si King on TV, cooking and life without his best friend

51 minutes ago

Liz Truss wanted to ‘abolish the Foreign Office’, Rory Stewart claims

51 minutes ago

Chasing first major title, Amy Yang takes 2-shot lead into final round of KPMG Women’s PGA

51 minutes ago

Cozy lighthouse lists...but location is not for the faint of heart

51 minutes ago

GNU | Ten parties sign pact to form inclusive government

51 minutes ago

KIB concludes its participation in the Bonds, Loans & Sukuk Middle East 2024 Conference

56 minutes ago

Ex-Premier League star sent off for KICKING opponent in face 20 minutes into Copa America opener - before his country goes on to lose first game

56 minutes ago

Masked Kylian Mbappe scores twice for France in a behind-closed-doors friendly ahead of his Euro 2024 return after suffering horror nose break during victory against Austria

56 minutes ago

Harry Kane vows to 'keep trying to push himself' in his bid to finally end his trophy drought - but 'Bayern Munich insiders fear England ace is carrying burden of lack of silverware'

58 minutes ago

The toxic truth about mouthwash

58 minutes ago

‘What is a victory for Ukraine?’ - director Kirill Serebrennikov on war

58 minutes ago

Australia ‘not a perfect country’ but there is ‘a lot of positive’

58 minutes ago

Naomi Campbell on modelling into her 50s, battling racism and her new solo show

58 minutes ago

Renewables ‘will play a role’ in Coalition’s net zero plan

58 minutes ago

Labour watchdog will have ‘real teeth’ to prosecute rogue employers, says Angela Rayner

58 minutes ago

Willie Nelson misses start of tour 'on doctor's orders'

58 minutes ago

Kylie Minogue writing autobiography

58 minutes ago

Billy Zane: Give actors 'emotional stunt pay'

58 minutes ago

Michael Shannon not allowed 'near a motorcycle' on The Bikeriders set

58 minutes ago

Jon Bon Jovi misses Richie Sambora 'personally and creatively'

58 minutes ago

Walsh and Shackell siblings produce milestone performances at U.S. Olympic trials

1 hour ago

T20 World Cup: Afghanistan claim first win over Australia to keep alive semi-final hopes

1 hour ago

Robert Morris warned sex abuse accuser she could be prosecuted for seeking compensation, emails show

1 hour ago

Rafael Devers drives in the go-ahead run in the eighth inning as the Red Sox edge the Reds 4-3

1 hour ago

‘Long held denialism’: Paul Keating launches stinging attack on Coalition’s nuclear power push

1 hour ago

Flooding forces people from homes while much of US broils

1 hour ago

Olympic Skateboarding Explained