{"id":86510,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/aramco-could-pull-the-trigger-on-a-secondary-share-sale-in-the-coming-weeks\/"},"modified":"2024-05-26T00:00:00","modified_gmt":"2024-05-26T00:00:00","slug":"aramco-could-pull-the-trigger-on-a-secondary-share-sale-in-the-coming-weeks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/aramco-could-pull-the-trigger-on-a-secondary-share-sale-in-the-coming-weeks\/","title":{"rendered":"Aramco could pull the trigger on a secondary share sale in the coming weeks"},"content":{"rendered":"

Aramco could pull the trigger on secondary sale of shares as soon as next <\/strong>month in a transaction that could raise c. USD 10 bn<\/strong>, Reuters<\/a> reports citing two unnamed sources it says are familiar with the matter. Aramco has not confirmed the share sale, which some originally said could be worth as much as USD 20 bn<\/a>. The newswire expects Aramco to put on a full roadshow to market the offering rather than doing an accelerated book build.<\/p>\n

PIF has increased its stake in Aramco ahead of the expected sale:<\/strong> Sovereign wealth fund PIF doubled its stake in Aramco to 16%<\/a> in March, which Aramco says did not affect its total number of issued shares nor its operations, strategy or dividend distribution policy, maintaining that the Saudi government holds its largest stake at 82.19% in direct shareholding.<\/p>\n

Aramco\u2019s net income fell 14.4% y-o-y to SAR 102.3 bn (USD 27.3 bn) in 1Q 2024<\/strong>, and its revenues dipped 3.7% y-o-y to SAR 402.0 bn (USD 107.2 bn), which it attributed to lower crude oil sales and falling refining and chemicals margins. The oil giant will nevertheless boost its dividend this year by as much as 30%<\/a> over 2023 thanks to a performance-based payout.<\/p>\n

MEANWHILE- The oil giant is reportedly eyeing Shell\u2019s downstream assets in South <\/strong>Africa, <\/strong>Bloomberg<\/a> reports, citing unnamed sources it says are familiar with the matter. The potential sale could have a price tag of USD 800 mn and would be the latest move in Shell\u2019s divestment South Africa after it offloaded the country\u2019s biggest oil refinery in 2022. Talks are ongoing with \u201cseveral highly credible parties,\u201d Bloomberg quotes Shell\u2019s spokesperson as saying. <\/p>\n

What\u2019s on the table: <\/strong>The sale would include the company\u2019s aviation, marine, construction and road, trading and supply, commercial fuels, and lubricant operations, Bloomberg reports citing the company\u2019s announcement earlier this month. Shell owns a network of 600 stations across the country. <\/p>\n

Other potential bidders reportedly include Abu Dhabi National Oil (Adnoc)<\/strong>, South Africa\u2019s chemicals and energy player Sasol, Swiss-based Puma Energy, and Glencore.<\/p>\n","protected":false},"excerpt":{"rendered":"

The oil giant is reportedly looking to acquire Shell\u2019s assets in South Africa.<\/p>\n","protected":false},"author":1,"featured_media":86511,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2704],"tags":[2419,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"7f34631d-7f0c-4e11-9474-e110bc43a409","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1965.jpg","photo_position":"above","homepage_title":"Aramco to launch secondary share sale in the coming weeks?","full_issue_title":"Aramco could pull the trigger on a secondary share sale in the coming weeks","related_issue":[86504],"teaser":"The oil giant is reportedly looking to acquire Shell\u2019s assets in South Africa.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.ad52b4fe-d317-4793-a058-3b31ed1d7076.mp3"},"yoast_head":"\nAramco could pull the trigger on a secondary share sale in the coming weeks - 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