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Aramco Completes Secondary Public Offering of Common Stock

The Saudi Arabian Oil Company (Saudi Aramco) announced the completion of the secondary public offering of common shares in the company.

Saudi Aramco President and CEO, Amin bin Hassan Al-Nasser, explained that this offering plays a pivotal role in achieving the goals of diversifying  Saudi Aramco’s shareholder base. It also attracts strong participation from new international and local investors, enhancing share liquidity.

Al-Nasser also welcomed new institutional shareholders worldwide and gratitude for the continued trust of local institutions and individual investors.

Saudi Aramco makes an eye-popping $160bn in profit

Al-Nasser said, “The success of this offering shows our strong operational and financial performance since our record IPO in 2019. It also reflects growing international recognition of our competitive strengths and long-term growth strategy in our expanding global portfolio. Additionally, it highlights confidence in our ability to execute our business across the energy value chain, including low carbon projects in upstream, chemicals, integrated marketing, and new energy sources.”

Through the offering,1.545 billion shares of the company were sold, representing approximately 0.64% of its issued shares. This marks the largest secondary offering in the Europe, Middle East, and Africa region since 2000. It is also the biggest share offering in the Middle East since the company’s IPO in 2019.

The final offering price for individual subscribers and institutional subscribers was 27.25 Saudi riyals for each offering share.

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