Saudi Arabia sells shares "Aramco" cheaply
Date: 02/22/2017 11:51
Information / Baghdad ..
Examines the Saudi oil giant. "Aramco", the state-owned, put up discounted shares to citizens of the Kingdom, as part of an initial public offering may be the largest in the world, as published by the agency "Bloomberg".
Economic news agency quoted informed sources as saying that "Aramco", which is the largest oil company in the world, searching methods of formulating and structuring the sale of shares by local investors to be able to buy shares at a lower price than buying it when it was put in the global markets.
The sources added that the Saudi oil giant is considering the issue of listing its shares in the United States, Britain and Asia, in addition to Riyadh. He plans to choose local banks to advise on the IPO process in the Kingdom.
According to sources, it has not yet issued a final decision on the share price or place put, while a spokesman for the company, "Aramco" declined to comment on any rumors or speculation in this regard.
The kingdom plans to put a stake in an estimated 5% of the IPO company, "Aramco" as part of an economic plan "Vision 2030" launched by the Crown, Crown Prince Mohammed bin Salman aims to diversify the economy away from the oil. The plan aims to create the largest sovereign fund in the world estimated to be worth about two billion dollars.
Usually put Riyadh shares of government-owned companies with a nominal value of about 10 riyals (US $ 2.67) per share, and so as a means of returning wealth to the citizens of the Kingdom of distribution. And approved the Capital Market Authority in the Kingdom last year, the rules allow foreign investors to participate in IPOs. Finished / 25