Dhahran: Saudi Arabian Oil Co. (Saudi Aramco) on Sunday announced the initiation of a secondary public offering consisting of 1.545 billion ordinary shares, representing 0.64% of the company’s total issued shares. The price range for the offer shares has been set at SAR 26.70 to 29.00 per share. The Offering Document can be accessed through the following link: (www.aramco.com/share-offering).
Individuals interested in subscribing for the offer will do so at the highest price within the offer price range using the electronic channels of the receiving entities. They will need to specify the number of offer shares they wish to purchase.
In cases where: (a) the final offer price is lower than the retail subscription price, (b) not all of the requested offer shares have been allocated to the individual investor, or (c) the final offer price exceeds the closing market price of the shares on the Saudi Exchange on Thursday, June 6, 2024 (the last day of the book-building period), any excess or full subscription amounts will be refunded by Tuesday, June 11, 2024.
The settlement process and delivery of offer shares to institutional investors will be conducted through out-of-market negotiated trades in accordance with the “negotiated trades” framework of the Saudi Exchange. Meanwhile, the individual investors’ settlement process will be facilitated by the lead manager and the Securities Depository Center Company (Edaa). Offer shares allocated to individual investors will be directly transferred to their investment portfolio accounts with the brokers of the receiving entities.
The deposit of offer shares allocated to institutional or individual investors will be completed before the market opens on Sunday, June 9, 2024. Consequently, investors will have the opportunity to trade their offer shares on the same day.
Refunding of excess subscription amounts to individual subscribers will be equivalent to the difference between the subscription value of SAR 29 per share and the final offer price, as well as any surplus amount for shares that were not allocated to individual subscribers by Tuesday, June 11, 2024.
