Reuters Bandar Algaloud / Courtesy of Saudi Royal Court
Saudi Crown Prince Mohammed bin Salman confirmed that the giant Saudi oil company “Aramco” will launch more stock sales.
He said during the Future Investment Initiative conference in the Kingdom today, Thursday, “There will be an offering of” Aramco “shares coming in the coming years, and this cash will be transferred to the Public Investment Fund to be re-injected inside and outside the Kingdom.
He added that, in addition to the proceeds of selling more shares of “Aramco”, the giant projects supported by the fund in Saudi Arabia, such as the Red Sea tourism project and the NEOM business district, valued at $ 500 billion, are valued at zero in the fund’s books and will generate returns, increasing the fund’s assets.
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It is noteworthy that Aramco, which is the largest oil company in the world, completed in late 2019 the largest initial public offering in the world, in which it raised $ 25.6 billion and then sold more shares, bringing the total to $ 29.4 billion.
The head of the Saudi sovereign wealth fund, the Public Investment Fund, said on Tuesday that Aramco may consider selling more shares if conditions in the market are appropriate.
Aramco shares fell 0.14% today to 34.75 riyals ($ 9.26), after the initial public offering price of 32 riyals.
The company is valued at $ 1.86 trillion based on today’s closing price.
Source: Reuters
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