Aramco's share sale comes at a time when oil prices remain depressed mainly due to concerns about weak global demand.
Last week, Saudi Arabia ’s energy giant Saudi Aramco
confirmed in a filing with the Saudi Exchange plans to sell shares in the state-owned oil company to help the kingdom fund plans to diversify the economy. Well, the sale took place on Sunday and was a resounding success with US$12 billion share sale sold out shortly after the deal opened. The deal offered 1.545B Aramco shares, or 0.64% of the company, within the price range of 26.70 riyals to 29 riyals.
stock has plunged 14% in the year-to-date to give the company a valuation of $1.8 trillion with daily production estimated at 9.3 million barrels of oil equivalent boe. For some perspective, America’s largest energy company Exxon Mobil NYSEXOM has a market cap just a quarter of Aramco’s $451B despite its daily production clocking in at more than 40% of Aramco’s 3.8M boe per day.
Earnings IPO MBS Energy Oil Prices Dividend Saudi Arabia
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
California’S $12 billion Medicaid makeover banks on nonprofits’ buy-inFor much of his young life, Jorge Sanchez regularly gasped for air, at times coughing so violently that he'd almost throw up. His mother whisked him to the emergency room late at night and slept with him to make sure he didn't stop breathing.
Weiterlesen »
Saudi Aramco Announces Secondary Public Offering of 1.545 Billion SharesSaudi Arabia and Saudi Aramco have announced a secondary public offering of 1.545 billion shares, set to commence on June 2, 2024, impacting the global energy market.
Weiterlesen »
Raspberry Pi M.2 HAT+ here at last with a $12 price tagSpeedy storage for your Pi 5
Weiterlesen »
Saudi Aramco Share Sale Draws Buyers in DrovesThe sale of Saudi Aramco shares launched on Sunday has drawn buyers in droves, with demand for the stock outstripping supply.
Weiterlesen »
Saudi Aramco Set to Announce Secondary Share SaleSaudi Arabia is expected to launch a secondary share sale in its oil giant Aramco as soon as Sunday, with approval from Mohammed bin Salman expected imminently.
Weiterlesen »
How Saudi Aramco plans to win the oil endgameThe world’s biggest energy firm is the linchpin of the kingdom’s ambitions
Weiterlesen »