Saudi Arabia To Launch Aramco Share Sale On June 2

Aramco, one of the leading integrated energy and chemicals companies in the world, will launch the secondary public offering of ordinary shares on June 2. According to the oil giant, this offering comprises of 1.545 billion shares of the company. This represents 0.64% of the company’s issued shares. The price range for the offer shares is between SAR 26.70 and SAR 29.00 per share.

The Saudi Press Agency reported that 154.5 million offering shares, representing 10% of the total number of offering shares, will be allocated to individual subscribers. Notably, the offering will be made to institutional investors in Saudi Arabia, institutional investors outside the Kingdom who are qualified per the rules for foreign investment in securities to invest in listed securities, and eligible retail investors in the Kingdom and other GCC countries.

Aramco has appointed M. Klein and Company and Moelis & Company UK LLP as independent financial advisors to the offering. In December 2019, Saudi Aramco completed the world’s largest initial public offering. Meanwhile, Aramco recently made headlines by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. This acquisition represents the company's first Downstream retail investment in Pakistan and indicates the growing retail presence of Aramco in high-value markets.