Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression
IRGC: America has neither the initiative nor the ability to escape the consequences of a powerful response
IRGC: We strongly affirm that Iran's peaceful nuclear technology cannot be destroyed by any attack
Iran's IRGC: Washington has placed itself directly on the frontline of aggression by attacking peaceful facilities
Iran's IRGC: The number, scope, and size of US military bases in the region are not a point of strength, but rather a point of weakness
Tasnim News Agency: Iran's Fordow nuclear facility was only partially damaged by US strikes

Saudi Aramco: Foreign investors snatch 58% shares in latest offering

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Jun 2024 14:39
2 Min Read

This compares to the approximate 23% for the company's initial offering in 2019, which was the biggest flotation in history.

Listen
  • x
  • Saudi Arabia's state-owned oil company Aramco and stock market officials celebrate the debut of Aramco's initial public offering on the Riyadh Stock Market in Saudi Arabia, Dec. 11, 2019. (AP)
    Saudi Arabia's state-owned oil company Aramco and stock market officials celebrate the debut of Aramco's initial public offering on the Riyadh Stock Market in Saudi Arabia, Dec. 11, 2019. (AP)

International investors have taken up the majority shares - 58% - sold in Saudi Aramco's latest offering set to raise $11.2 billion.

"The majority of the shares constituting the institutional tranche of the Offering was allocated to investors located outside of the Kingdom," the oil giant said right before shares were due for trading on the Saudi bourse as it reopens on Sunday.

Sources told AFP that this comes in comparison to the approximate 23% for the company's initial public offering in 2019, which was the biggest flotation in history, adding that around 70% of external orders came from the European Union and the United States, while others came from Japan, Hong Kong, and Australia.

Related News

Saudi Aramco debt hits $24.6 billion as dividend cut fails to help

Saudi Aramco profits fall 12% as oil prices drop: FT

Aramco announced ten days ago that the offering represented approximately 0.64% of Aramco’s issued shares and is projected to raise up to $13.1 billion, marking a significant test of global appetite for Saudi assets.

This comes as it goes halfway through an economic reform drive aka Vision 2030 for so-called giga-projects such as NEOM, a planned futuristic megacity in the desert.

The Saudi government is expected to receive all the net proceeds from the offering and will compensate Aramco for all related expenses. As a result, Aramco will not receive any proceeds from this offering, and the ownership percentage of the company's other shareholders will remain unchanged.

Analysts suggest that this offering should serve as a measure of Riyadh’s appeal to foreign investors, a critical element of the Kingdom's strategy to diversify its economy. Saudi Arabia has historically struggled to meet its foreign direct investment targets.

In December 2019, Saudi Arabia sold 1.7% of its shares on the Saudi stock market, garnering around $29.4 billion in what was considered the world's largest IPO as Saudi Arabia is the world's largest crude oil exporter.

  • Saudi Aramco
  • Oil
  • Aramco
  • Saudi Arabia

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran’s Bavar-373 air defense system on display during a military drill (Mehr News Agency)
Politics

Iran intercepts Israeli drones near Tehran, multiple cities

The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Occupied Palestine, Sunday, June 15, 2025 (AP)
Politics

Iran warns aid to 'Israel' will be treated as aggression

US President Donald Trump arrives to board Air Force One at Joint Base Andrews, Friday, June 20, 2025, en route to Montclair, New Jersey (AP)
Politics

Trump, Erdogan made covert attempts to hold talks with Iran: Axios

Ansar Allah supporters surround a giant Iranian flag during an anti-US and anti-'Israel' weekly rally in Sanaa, Yemen, Friday, June 20, 2025 (AP)
Politics

US ships in Red Sea will be targeted if US attacks Iran: YAF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS