Saudi Aramco takes another step toward 1st public offering

— Saudi Arabia’s state-owned oil giant Aramco released a lengthy document late Saturday that lays the ground for investors to buy into the world’s most profitable company, but it remains unknown how much is on offer.

Still, the highly-anticipated sale of even less than 2% of the company has been generating global buzz because even a sliver would make this the world’s biggest initial public offering. The oil and gas company netted profits of $111 billion last year, more than Apple, Royal Dutch Shell and Exxon Mobil combined.

In the roughly 650-page prospectus, Aramco said the offering period for investors will begin Nov. 17. It will close for individual investors on Nov. 28 and for institutional investors on Dec. 4. Aramco will price its shares on Dec. 5, according to the document. The kingdom’s plan to sell part of the company is part of a wider economic overhaul aimed at raising new streams of revenue for the oil-dependent country, particularly as oil prices struggle to reach the $75 to $80 price range per barrel analysts say is needed to balance Saudi Arabia’s budget. Brent crude closed Friday at around $62 a barrel.

Aramco’s low-cost oil production and its enormous reserves have helped transform the kingdom into one of the world’s top 20 economies, but the state’s control of the company carries a number of risks for investors.

Source: News Formal (newsformal.com)

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