Aramco could launch million-dollar share sale

Isbel Lázaro.
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Inspenet, September 4, 2023.

Aramco, the Saudi Arabian oil company, is considering the possibility of carrying out a public offering of shares that could reach a value of up to 50,000 million dollars , according to sources close to “The Wall Street Journal”.

If this offer materializes, it would become the largest ever recorded in the history of the stock markets, surpassing the previous record held by Ant Group, which in 2020 put up for sale shares worth more than 34,000 millions of dollars.

“After months of consultations with advisers, the kingdom decided to host any new Aramco offerings on the Riyadh stock exchange to avoid legal risks associated with an international listing, according to Saudi officials and others familiar with the plan,” said the aforementioned source.

When would the sale of shares begin?

Although a final decision has not yet been made, the sale is expected to take place before the end of the year, but there is also the possibility that the offer could be postponed, which would be another attempt to sell Aramco shares.

Aramco is known as the most profitable oil company in the world and has repeatedly tried to sell part of its holdings to finance projects outside the oil field , without success so far.

Since at least May, Bloomberg had already reported on Saudi Arabia’s plans to sell Aramco shares, two years after Crown Prince Mohammed Bin Salman announced a new public offering attempt.

In the past month, the company reported a 38% decline in quarterly profit due to falling energy commodity prices and production cuts, but at the same time, its dividend increased by more than half. .

Source: https://sputniknews.lat/amp/20230903/el-gigante-petrolero-aramco-lanzaria-la-mayor-venta-de-acciones-de-la-historia-1143312322.html

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