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
Araghchi: Iran adopted a constructive approach in its engagement to ensure the European Union and the E3 fully honored their commitments and lifted all sanctions.
Araghchi: After a year of Iran’s full compliance with the agreement, it began implementing gradual, proportionate, and reversible compensatory steps in accordance with its recognized rights under the deal.
Araghchi: Iran demonstrated the utmost restraint in the face of repeated and fundamental violations and made extensive efforts to restore balance and preserve the agreement.
In his letter, Araghchi stated: The E3 failed to fulfill their obligations and instead imposed additional illegal sanctions on Iranian individuals and institutions.
Araghchi: These coercive measures constituted a grave violation of international law and the UN Charter, causing severe disruption in the implementation of the agreement.
Araghchi: Washington initially refrained from fulfilling its commitments, then withdrew from the agreement, reimposed its illegal and unilateral sanctions, and even expanded them.
Araghchi: UN Security Council Resolution 2231 has expired and fully ceased to be in effect as of today, in accordance with its explicit provisions.
Iranian Foreign Ministry: Reimposing sanctions on Iran is illegal
Occupied Palestine: Israeli occupation forces raid homes during a raid on the village of Al-Burj, south of al-Khalil
Hamas spokesperson Hazem Qassem: The movement remains committed to implementing the ceasefire agreement through the handover of another Israeli captive’s body earlier this evening

Saudi Aramco starts selling stock to raise $13bln

  • By Al Mayadeen English
  • Source: Agencies
  • 2 Jun 2024 16:07
4 Min Read

Saudi Arabia's state-owned Aramco oil producer is selling stock on the public stock market with the hopes of raising over $13 billion for the Saudi government.

Listen
  • x
  • Storage tanks are seen at the North Jeddah bulk plant, an Aramco oil facility, in Jeddah, Saudi Arabia, on March 21, 2021 (AP)
    Storage tanks are seen at the North Jeddah bulk plant, an Aramco oil facility, in Jeddah, Saudi Arabia, on March 21, 2021. (AP)

Saudi Aramco, the world's largest oil producer, announced Sunday the launch of a secondary public offering (SPO) involving the sale of 1.545 billion ordinary shares by the Saudi government.

This offering, representing approximately 0.64% of Aramco’s issued shares, is projected to raise up to $13.1 billion, marking a significant test of global appetite for Saudi assets.

The participating banks will accept institutional investor orders until Thursday, with the share pricing set to occur the following day. Trading is expected to commence next Sunday on the Saudi Stock Exchange in Riyadh.

The price range for the shares is anticipated to be between SAR 26.7 and SAR 29 per share, according to an Aramco statement. The banks have the option to increase the offering by an additional $1 billion.

Should all the shares be sold, the Saudi government's stake in Aramco, currently the largest oil exporter globally, would be reduced by 7%.

Saudi government to receive all net proceeds

A total of 154.5 million shares, representing 10% of the offering - excluding shares issued under the over-allotment option - will be allocated to individual investors, provided there is sufficient demand.

Related News

Oil prices rebound as OPEC maintains steady demand forecast

Turkey to supply natural gas to Syria after grid connection

Eligible institutional investors in Saudi Arabia and foreign institutions, in accordance with foreign investment regulations in listed securities, will be able to subscribe to the offering.

Additionally, qualified individual investors in Saudi Arabia and other Gulf Cooperation Council (GCC) countries can participate. The international component of the offering will adhere to Regulation S under the US Securities Act of 1933.

The Saudi government will 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 will 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.

Bleeding pocket

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

Crown Prince Mohammed bin Salman's ambitious Vision 2030 of economic transformation, which is set to require $1.5 trillion, is on shaky grounds, Bloomberg reported last month. The Kingdom is finding itself having to pay out of pocket for investors to come rather than the other way around, leading to a financial bleed in the oil-rich country's funds.

Already, there are signs of scaling back or completely aborting large-scale projects aimed at revitalizing its $1.1 trillion economy. The financial gap forced the government to issue billions of dollars in bonds to help address a fiscal deficit that it had not anticipated until late last year.

Read more: China's trillion-dollar investment in the Middle East threatens US

Recently, the Kingdom assigned an additional $164 billion stake in Saudi Aramco to the fund, which is expected to yield a dividend payment of at least $20 billion this year.

The move is basically “raising money from one public pocket at the expense of the other,” said Mohamed Abu Basha, head of research at Cairo-based investment bank EFG Hermes, as quoted by Bloomberg.

  • Saudi Arabia
  • Riyadh
  • OPEC
  • OPEC+
  • Aramco

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

Gaza Palestinian journalist Saleh al-Jafarawi killed by collaborators

  • Politics
  • 12 Oct 2025
drop site

New report details extensive Israeli arson in Gaza after ceasefire

  • Politics
  • 13 Oct 2025
Illustration of fists breaking shackles, representing the liberation of Palestinian detainees from Israeli prisons. (Illustrated by: AL Mayadeen English/Batoul Chamas)

4 prominent Palestinian detainees to be freed: Who are they?

  • Palestine
  • 13 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Residents remove debris from a house damaged by Wednesday's two drone strikes, in Kabul, Afghanistan, Thursday, Oct. 16, 2025 (AP)
Politics

Afghanistan-Pakistan negotiations to begin in Doha: Exclusive

Palestine Action wins court fight to challenge UK terror ban
Politics

Palestine Action wins court fight to challenge UK 'terror' ban

John Bolton surrenders after classified documents indictment
Politics

John Bolton turns himself in after classified documents indictment

GSF, GMTG slams EU over complicity in Gaza genocide
Politics

GSF, GMTG slam EU over complicity in crimes against Palestinians

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