Amin Nasser: Aramco's secondary offering further enhances the liquidity of the company's shares

Amin Nasser, CEO and Chief Executive Officer of Saudi Aramco, said that the secondary offering of the company’s shares achieved the objectives of diversifying and expanding the shareholder base by attracting strong participation from new international and local investors, which in turn further enhances the liquidity of the company’s shares.

It also reflects the growing international recognition of our competitive strengths and our long-term growth strategy across an expanding global portfolio. It also highlights the confidence in our ability to successfully execute our business across the energy value chain in exploration and production, refining and chemicals, integrated marketing and new energy sources including low-carbon projects.

Al-Nasser added, according to a statement by Aramco, today, Wednesday, that this offering also highlights confidence in Aramco's ability to successfully implement its business across the energy value chain in the exploration and production sector, the refining and chemicals sector, integrated marketing, and new energy sources, including low-carbon projects.

Al Nasser also stressed that the success of the offering demonstrates the proven track record of operational and financial performance since the record-breaking initial public offering in 2019.

The Saudi Stock Exchange announced the completion of the secondary public offering of 0.64% of Aramco’s issued shares.

A statement issued yesterday, Tuesday, explained that the Kingdom's government sold 1.545 billion shares of the company's shares through the offering, which represents about 0.64 percent of the company's issued shares.

She indicated that the offering is considered the largest secondary offering in the Europe, Middle East and Africa region since 2000, and the largest share offering in the Middle East region after the company's initial public offering in 2019.

He stated that the final price of the offering shares was set at SAR 27.25 per share, and the total proceeds for the selling shareholder amounted to SAR 42.10 billion, excluding the additional allocation option, which, if fully exercised, would increase the government’s total proceeds from the offering to SAR 46.31 billion.

He explained that the subscribed shares were deposited into the investors’ portfolios on Sunday, 03/12/1445 AH (corresponding to 09/06/2024 AD), and the excess subscription was returned to individual subscribers on Sunday, 03/12/1445 AH (corresponding to 09/06/2024 AD).