Sunday 6 Oct 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
Business

Aramco announces final price for its secondary public offering

Aramco announces final price for its secondary public offering
7 June 2024 17:45

DHAHRAN (WAM)

The Saudi Arabian Oil Company "Aramco" has announced the final price of the secondary public offering of the company's shares. This offering amounts to 1.545 billion shares, representing about 0.64 percent of the company's issued shares.

The final offering price for institutional and individual subscribers is set at SAR27.25 per share. Individual subscribers will receive at least ten shares each, with the remaining shares allocated proportionally, the Saudi Press Agency (SPA) reported.

Aramco disclosed that 1,331,915 individual subscribers have fully subscribed. As a result, 10 percent of the offering shares will be allocated to individual subscribers, and the remaining 90 percent will be allocated to institutional subscribers.

The company has granted the Stabilising Manager a greenshoe option to cover short selling operations resulting from any overallotment of shares. The Stabilising Manager may purchase up to 10 pecent of the offering shares at the final offering price.

The Manager has the right to exercise the over-allotment option within 30 calendar days from the date the offering shares started trading.

Aramco said the offering document has been published and is available at (www.aramco.com/share-offering), calling on interested parties to read the offering document for complete information on the key event dates for the offering and the subscription and settlement process.

Aramco has stated that the settlement process and delivery of the offering shares to the subscribing institutions will take place through negotiated trades outside the market. The settlement process for individual subscribers will be done through the subscription manager and the company's securities depository centers (Edaa).

The offering shares will be deposited for individual subscribers in the subscribers' wallets/brokerage accounts with the financial market institution associated with the receiving entity.

The deposit of the offering shares allocated to subscribing institutions and individual subscribers will be completed before the opening of the Saudi Exchange on Sunday, June 9, 2024.

Subscribers can trade the offering shares when the Saudi Exchange opens on that day.

Any surplus of the subscription funds will be refunded to individual subscribers on Tuesday, June 11, 2024.

Copyrights reserved to Aletihad News Center © 2024