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Saudi Aramco releases the next phase of blockbuster flotation



  An Aramco gas terminal copyright copyright
Reuters

The profitable company worldwide has published more details about its planned stock market flotation.

The Saudi Aramco oil giant's long-awaited prospectus says individual retail investors will have the opportunity to buy shares as well as large institutions.

But the 600-page prospectus did not say how much to buy at the Saudi firm, or the date of the listing.

However, it did. cite possible dangers, including government control over oil leaks and terrorist attacks.

Crown Prince Mohammed bin Salman seeks to sell shares to raise billions of dollars to diversify Saudi Arabia's oil-rich economy by investing in non-energy industries.

Investors think the long-awaited flotation priced Aramco at $ 1

.5-2 trillion, making the stock market list the biggest ever.

The prospectus states that up to 0.5% of the company will be exempted for retail sellers, but Aramco has not yet decided the percentage for larger institutional buyers.

After the flotation, Aramco will not list more shares for six months, the prospectus says. Although one of the attractions for investors is the potential of high dividends, the document says Aramco has the right to change its dividend policy without prior notice. advisors to assess interest in selling shares and set a price. Based on interest rate – a final amount will be placed on the shares on 5 December.

The sale of the company, first recorded four years ago, was deepened by delays and criticism of corporate transparency in Saudi Arabia's crown jewel.

It was initially thought about 5% of Aramco would be sold, but the final figure is expected to be half that.

Amid speculation that some foreign institutional investors are cool with flotation, the government has reportedly pressed rich Saudi family members and institutions to invest, and many nationalists have labeled this as a patriotic duty.

Aramco last year posted $ 111bn in net income. In the first nine months of this year, net profit fell 18% to $ 68bn.


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