{"id":621166,"date":"2024-06-02T00:00:00","date_gmt":"2024-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/aramcos-secondary-share-sale-kicks-off-today\/"},"modified":"2024-06-02T00:00:00","modified_gmt":"2024-06-02T00:00:00","slug":"aramcos-secondary-share-sale-kicks-off-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/aramcos-secondary-share-sale-kicks-off-today\/","title":{"rendered":"Aramco\u2019s secondary share sale kicks off today"},"content":{"rendered":"

Aramco is pulling the trigger on a secondary sale of a 0.64% stake that could raise up to <\/strong>USD 11.6 bn <\/strong>today, it confirmed in a statement (pdf)<\/a> on Thursday. The oil giant set the price range between SAR 26.70-29 (USD 7.12-7.73) per share. Institutional book-building gets underway in just a couple of hours, and will run until Thursday, 6 June, according to a separate statement (pdf)<\/a>. <\/p>\n

The value of the sale could go up to USD 13.1 bn<\/strong> at the top end of the range under a \u201cgreenshoe option\u201d which could see the size of the offering go up to a 0.7% stake if fully exercised, according to the statement. The option would allow bankers to buy some of the shares to stabilize the price of the offering.<\/p>\n

A way to boost liquidity\u2026:<\/strong> \u201cThe offering provides us with an opportunity to broaden the shareholder base amongst both Saudi and international investors,\u201d Reuters<\/a> quotes Aramco CEO Amin Nasser as telling reporters on a call after the announcement. \u201cIt also offers us an opportunity to increase liquidity and to increase our global index weighting.\u201d<\/p>\n

\u2026and plug the budget deficit: <\/strong>The Kingdom is \u201cresorting to the sale of equity in Aramco and to debt issuances,\u201d Nasser is quoted as saying.<\/p>\n

ALSO FROM ARAMCO- <\/strong>Aramco\u2019s Prosperity7 fund backs Chinese AI startup Zhipu AI <\/strong>by taking part in a USD 400 mn investment round and becoming the first major foreign investor to back China\u2019s attempts to challenge OpenAI and other Western tech companies . \u201cThe Saudis don\u2019t want Silicon Valley dominating this industry,\u201d a source close to the fund said. (Financial Times<\/a>)<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

26,923<\/p>\n<\/td>\n

\n

-0.6% (YTD: +8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.21<\/p>\n<\/td>\n

\n

Sell 47.35<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.22<\/p>\n<\/td>\n

\n

Sell 47.32<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul <\/strong><\/p>\n<\/td>\n

\n

11,503<\/p>\n<\/td>\n

\n

-1.7% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,863<\/p>\n<\/td>\n

\n

+1.3% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,978<\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,278<\/p>\n<\/td>\n

\n

+0.8% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,275<\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,984<\/p>\n<\/td>\n

\n

0.0% (YTD: +10.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.11<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.59<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,346<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 67,790<\/p>\n<\/td>\n

\n

+0.4% (YTD: +60.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.6% at Thursday\u2019s close<\/strong> on turnover of EGP 8.8 bn (81.4% above the 90-day average). Local investors were net buyers. The index is up 8.2% YTD.<\/p>\n

In the green:<\/strong> Eastern Company (+7.4%), CIB (+2.2%), and Sidi Kerir Petrochemicals (+2.0%).<\/p>\n

In the red: <\/strong>Mopco (-8.3%), TMG Holding (-4.7%), and Fawry (-4.6%). <\/p>\n","protected":false},"excerpt":{"rendered":"

Institutional investors will be able to place their orders starting today until Thursday 6 June<\/p>\n","protected":false},"author":1,"featured_media":621167,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[394,102,72,8626,122,1134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-aramco","tag-capital-markets","tag-enterpriseam","tag-oil-gas","tag-planet-finance","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"cfbce112-1896-4e9e-98a1-1395be399c54","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/52.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco\u2019s secondary share sale kicks off today","related_issue":[621144],"teaser":"Institutional investors will be able to place their orders starting today until Thursday 6 June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8e81b43d-c5ae-477d-8746-558c2b331bf9.mp3"},"yoast_head":"\nAramco\u2019s secondary share sale kicks off today - 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The oil giant\u2019s offering met with sharp investor appetite and will see the transaction fully covered \u201cwithin the price range,\u201d Reuters reports, citing one of the banks working on\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/161.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620731,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/adnoc-drilling-sells-usd-935-mn-stake-in-secondary-sale\/","url_meta":{"origin":621166,"position":1},"title":"Adnoc Drilling sells USD 935 mn stake in secondary sale","author":"enterpriseam admin","date":"26 May 2024","format":false,"excerpt":"The Adnoc subsidiary priced its offering at AED 3.90 a share","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1988.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577783,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/aramcos-base-oils-subsidiary-could-raise-up-to-usd-1-3-bn-in-its-ipo-in-riyadh\/","url_meta":{"origin":621166,"position":2},"title":"Aramco\u2019s base oils subsidiary could raise up to USD 1.3 bn in its IPO in Riyadh","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"Aramco subsidiary could raise as much as USD 1.3 bn in its IPO: Saudi Aramco refining subsidiary Luberef commenced bookbuilding for its debut on the Saudi stock exchange at a price range of SAR 91-99 (USD 24.21-26.34) per share yesterday, the company said in a statement (pdf). Luberef will offer\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/73.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549568,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/","url_meta":{"origin":621166,"position":3},"title":"Aramco wants more fossil fuel investment","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"The \u2018SPAC King\u2019 has lost his crown: Chamath Palihapitiya, one of the key figures who fueled the 2020 SPAC mania, is winding down two of his blank-check firms after failing to find targets, and will return more than USD 1.5 bn to investors. Most of the companies taken public by\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543936,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/aramco-sells-49-stake-in-its-natgas-pipelines-fab-lines-up-usd-500-mn-in-sukuk\/","url_meta":{"origin":621166,"position":4},"title":"Aramco sells 49% stake in its natgas pipelines + FAB lines up USD 500 mn in sukuk","author":"enterpriseam admin","date":"24 February 2022","format":false,"excerpt":"Aramco closes USD multi-bn sale of minority stake in natgas pipelines: An investor group led by BlackRock has acquired a 49% stake in Saudi Aramco\u2019s natgas pipelines subsidiary for USD 15.5 bn, as the two firms enter into a pact to explore low carbon energy projects. (Bloomberg)FAB plans sukuk sale:\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586805,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/17\/huge-investor-demand-as-adnoc-kicks-off-ipo-of-its-logistics-arm\/","url_meta":{"origin":621166,"position":5},"title":"Huge investor demand as Adnoc kicks off IPO of its logistics arm","author":"enterpriseam admin","date":"17 May 2023","format":false,"excerpt":"The company is looking to raise more than USD 600 mn in its Abu Dhabi IPO","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/959.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=621166"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621166\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/621167"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621166"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621166"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}