{"id":86687,"date":"2024-05-30T00:00:00","date_gmt":"2024-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/30\/aramco-could-pull-the-trigger-on-its-usd-10-bn-secondary-sale-any-moment-now\/"},"modified":"2024-05-30T00:00:00","modified_gmt":"2024-05-30T00:00:00","slug":"aramco-could-pull-the-trigger-on-its-usd-10-bn-secondary-sale-any-moment-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/30\/aramco-could-pull-the-trigger-on-its-usd-10-bn-secondary-sale-any-moment-now\/","title":{"rendered":"Aramco could pull the trigger on its USD 10 bn secondary sale any moment now"},"content":{"rendered":"

Good morning, friends. It\u2019s another busy morning for capital markets. <\/strong>The Kingdom has closed a USD 5 bn sukuk<\/strong> with heavy investor appetite, it\u2019s the last day for retail investors to ask for a piece of fintech player Rasan\u2019s initial public offering<\/strong>, and Aramco<\/strong> looks set to go to market with a blockbuster USD 10 bn sale of existing shares sometime between today and Sunday.<\/p>\n

<\/a> UP FIRST- Aramco looks ready to pull the trigger any moment now <\/strong>on blockbuster<\/strong> secondary sale. <\/strong>The <\/a>Wall Street Journal<\/a><\/a> expects the oil giant to go ahead with a USD 10-20 bn sale \u201cas soon as this week\u201d while Bloomberg<\/a> claims that it will be a USD 10 bn sale and that the formal launch of the transaction will come on Sunday. <\/p>\n

The prospect of a sale has already attracted \u201cinformal interest\u201d from investors<\/strong>, Bloomberg notes. Aramco will boost its dividend this year by as much as 30%<\/a> over 2023 thanks to a performance-based payout despite a 14% year-on-year drop in net income in 1Q 2024, making the company an attractive dividend play. <\/p>\n

The oil giant\u2019s shares + Tadawul are down ahead of the offering:<\/strong> A strong pipeline of IPOs and expectations that the Aramco sale will absorb market liquidity has seen Tadawul investors holding onto cash<\/a> for fresh paper. Less liquidity in the market coupled with expectations that Opec+ will extend voluntary oil cuts when it meets next week pushed Aramco\u2019s shares to their lowest level in over a year, Bloomberg<\/a> reported. Aramco shares are down just about 12% YTD, closing at SAR 29.05 yesterday, which is below its 2019 offering price of SAR 32.00. <\/p>\n

What the pundits are saying: <\/strong>\u201cSaudi Aramco\u2019s share price has been under pressure from an oil production level that is limited around 9 mn barrels a day due to the ongoing OPEC+ cuts,\u201d said Salih Yilmaz, senior industry analyst at Bloomberg Intelligence. \u201cIt continues to demand a higher price-to-earnings valuation versus international oil major peers.\u201d <\/p>\n

BACKGROUND-<\/strong> Reuters reported last week<\/a> that Aramco could proceed with the sale in June, with the newswire seeing the oil giant put on a full roadshow to market the offering rather than doing an accelerated book build. The PIF increased its stake<\/a> in Aramco to 16% in March as news of the potential sale surfaced. If the offering goes ahead, it would be one of the world\u2019s largest offerings<\/a> in recent years. Aramco raised USD 29.4 bn on Tadawul in 2019 in what remains the biggest IPO in history.<\/p>\n

<\/a> IN OTHER CAPITAL MARKETS NEWS this fine morning: The two-day <\/strong>bookbuilding window for the retail tranche of Rasan\u2019s IPO wraps up today<\/strong> with a maximum of 2.3 mn shares up for grabs. Rasan priced its IPO on Tadawul\u2019s main market at SAR 37 per share, pegging it at the top of its initial price range, after the institutional offering drew strong demand with a 129.1x oversubscription rate. The fintech startup is taking a 30% stake<\/a>to the<\/a>market<\/a>.<\/p>\n

Rasan is one of four high-profile IPOs in the market right now <\/strong>that have together generated a combined SAR 659 bn in demand from investors here and abroad. <\/a>Fakeeh Care<\/a>, Saudi Manpower Solutions<\/a>, and Miahona<\/a> are also nearing the finish line on share sales, with other would-be issuers set to come into the market as the year grinds on.<\/p>\n

WHISPERS-<\/p>\n

#1- Saudi Arabia is in the lead to capture ownership of a new men\u2019s professional tennis <\/strong>tournament<\/strong>, Bloomberg<\/a> reports, as the Kingdom pushes deeper into tennis. The PIF already has the naming rights to the men\u2019s and women\u2019s tour rankings and Saudi will host the women\u2019s WTA season-ending tournament for three years starting this fall. <\/p>\n

PIF-back Surj Sports Investment is in advanced talks with the ATP <\/strong>on commercial terms, timing, and the venue for the men\u2019s tournament. <\/p>\n

#2- Is Crown Prince and Prime Minister Mohamed bin Salman attending the G7 summit in <\/strong>Italy next month? <\/strong>That\u2019s the suggestion from Reuters<\/a>, which quotes an unnamed source as saying the Crown Prince could be among those invited to attend the 13-15 June summit in Puglia. UAE President Sheikh Mohammed bin Zayed Al Nahyan is confirmed as participating.<\/p>\n

#3- HSBC is making a play in the private banking space<\/strong>, having hired 100 bankers last year for a push to \u201ccater to the growing number of mn\u2019aires and bn\u2019aires moving to the Middle East,\u201d Bloomberg<\/a> writes, citing comments by Aladdin Hangari<\/a>, who leads HSBC\u2019s private banking push in our part of the world. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The Saudi Water Partnership Company (SWPC) is gearing up to launch a SAR <\/strong>2 bn <\/strong>water reservoir project in the Eastern province<\/strong>, with a storage capacity of 5 mn cubic meters to supply desalinated water to Dammam, Khobar, Qatif, Saihat, Dhahran, Safwa, and Al Ahsa, Aleqtisadiah<\/a> reports citing unnamed company sources. SWPC said on Monday that it had reached financial close for its SAR 1.5 bn Juranah Independent Strategic Water Reservoir in Makkah.<\/p>\n

#2- Poland\u2019s <\/strong>LOT Airlines <\/strong>will begin operating three weekly flights between Riyadh and <\/strong>Warsaw beginning Tuesday, 4 June, <\/strong>the General Authority of Civil Aviation said on X<\/a>.<\/p>\n

SPORTS-<\/p>\n

#1- Al Hilal extended the contract of its manager Jorge Jesus for <\/strong>another year<\/a><\/strong> on <\/strong>Tuesday <\/strong>after the team was crowned champion of the Saudi Pro League without a single defeat.<\/p>\n

<\/a> #2- A Christmas showdown between Usyk and Fury in Riyadh: <\/strong>A rematch between Oleksandr Usyk and Tyson Fury was set for Saturday, 21 December, General Entertainment Authority Chairman Turki Al Sheikh said in a post on X<\/a>. Usyk became the first four-belt undisputed heavyweight champion in history after beating Fury earlier this month<\/a> in Riyadh on a split decision in a fight that went well into the night.<\/p>\n

The rematch is getting widespread coverage:<\/strong> Reuters<\/a> | The Guardian<\/a> | BBC<\/a> | Sky Sports<\/a>. <\/p>\n

#3- Saudi\u2019s Falcons Esports locked in the Apex Legends \u201csuperteam\u201d after signing <\/strong>ImperialHal, Zer0, and Genburten<\/strong>, according to a post on X<\/a>. Previously divided between the top two teams of TSM and Dark Zero, the players are widely regarded the best in the game globally with an impressive pedigree of four Split Playoffs trophies and three ALGS Championships between them. The trio will debut in the upcoming ALGS Split 2 North America & EMEA tournament on 1 June to qualify for Split 2 Playoffs and is expected to play in Riyadh\u2019s Esports World Cup in July.<\/p>\n

DATA POINTS-<\/p>\n

<\/a> The Saudi space industry generates around SAR 2 bn in revenues <\/strong>every year<\/strong>, a small fraction of the global industry, which is worth the equivalent of about SAR 1.6 tn annually, Aleqtisadiah<\/a> reports, citing unnamed Saudi Space Agency sources. <\/p>\n

ICYMI-<\/strong> The Public Investment Fund launched a commercial satellite and space company named Neo Space Group<\/a> earlier this week. The Kingdom could be running space tourism trials later this year, Saudi Space Agency CEO Mohammed Al Tamimi said at the Future Aviation Forum last week. \u201cWithin a window of 60 days from now, there will be an announcement to do some trials here in Saudi Arabia about space tourism,\u201d he said.<\/p>\n

PSA-<\/p>\n

WEATHER- Riyadh\u2019s<\/strong> skies are looking clear with a daytime high of 43\u00b0C and a low of 29\u00b0C, while the mercury in Makkah<\/strong> is rising even more to peak at 49\u00b0C with the low at 30\u00b0C. Jeddah<\/strong> is on the windy side with a daytime high of 39\u00b0C and a low of 29\u00b0C. <\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It\u2019s a mixed bag on global front pages this morning<\/strong> as a number of stories captivate the attention of the business pages.<\/p>\n

No verdict on Trump\u2019s criminal hush-money trial. <\/strong>Jurors ended their first day of deliberation last night without reaching a verdict. The 12-person jury has to reach an unanimous agreement over a verdict, or else the judge will declare it a mistrial. Jurors deliberated for five hours and sent two notes asking questions of the judge. (Politico<\/a> | AP<\/a> | Bloomberg<\/a>) <\/p>\n

Speaking of The Donald: Will Elon Musk get a cabinet post if there\u2019s a Trump White House v2? <\/strong>The two are now \u201cfriendly\u201d and sources tell the Wall Street Journal<\/a> that Musk could well be in line for an advisory role if there\u2019s a remake of the Agent Orange Show. <\/p>\n

MEANWHILE- BHP has abandoned its bid for mining group Anglo American <\/strong>after Anglo American refused to extend takeover talks. \u201cWe were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and \u2026 we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive,\u201d BHP CEO Mike Henry said in a statement (pdf)<\/a>. <\/p>\n

<\/a> AND IN TECH- Gemini now speaks Arabic. <\/strong>Google\u2019s Gemini and Gemini Advanced are now available to Arabic-speaking users<\/a> \u2014 Gemini 1.0 Pro is available as a standalone Android app or as a tab in the Google app on iOS. The more advanced Gemini flavour, which is \u201ccapable of coding, logical reasoning, following nuanced instructions and collaborating on creative projects,\u201d can be accessed for EGP 699.99 a month<\/a>. Download it yourself: <\/strong>Google\u2019s Play Store<\/a> or Apple\u2019s App Store<\/a>.<\/p>\n

Two notable firsts for women: <\/strong>Claudia Sheinbaum, who has a PhD in energy engineering, looks set to become Mexico\u2019s first woman president<\/a> when voters go to the polls this coming Sunday. And Yale has named Maurie McInnis, the respected historian, its next president. She\u2019ll be the first woman to hold the job<\/a> on a permanent basis. <\/p>\n

ALSO WORTH READING THIS MORNING- <\/strong>From the Baby Boom to the Baby Bust<\/a><\/strong>, an op-ed by the FT\u2019s Martin Wolf, details the challenges that come with falling fertility rates. <\/p>\n

AND on the downside of working from home \u2014 <\/strong>US workers are increasingly lonely<\/a> as they make fewer work friends with their workday dominated by virtual meetings and faceless chats. <\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

The two-day <\/strong>Global Project Management Forum<\/a><\/strong> will open in Riyadh on Sunday, 2 June<\/strong>, bringing together project managers and stakeholders for talks on the project management ecosystem and emerging technologies. <\/p>\n

The #Growth Summit<\/a><\/strong> is set to kick off on Wednesday, 5 June<\/strong>, bringing together marketing, product and growth experts at the InterContinental in Riyadh. You can request your invite here<\/a>. <\/p>\n

The <\/strong>Global EV and Mobility Tech Forum<\/a><\/strong> will open its doors on Wednesday, 10 July to <\/strong>Thursday, 11 July at the Riyadh International Convention and Exhibition Center. <\/strong>The event will bring together policymakers, NGOs, and startups. <\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: It\u2019s the last day for retail investors to put in orders for a piece of fintech player Rasan\u2019s Tadawul IPO<\/p>\n","protected":false},"author":1,"featured_media":86688,"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":[2540],"tags":[139,10,2082,8,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aramco","tag-enterpriseam-ksa","tag-saudi-water-partnership-company-swpc","tag-sports","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"063a8192-a1cf-430c-826a-09760d91a354","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/2262.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco could pull the trigger on its USD 10 bn secondary sale any moment now","related_issue":[86685],"teaser":"Plus: It\u2019s the last day for retail investors to put in orders for a piece of fintech player Rasan\u2019s Tadawul IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b66abb53-44ad-4945-8ed1-753c8b30e5c0.mp3"},"yoast_head":"\nAramco could pull the trigger on its USD 10 bn secondary sale any moment now - 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