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2 hours agoSaudis sell the $1.2 trillion oil company
Periskopi(7 years ago)
(7 years ago)Saudi company “ramco” announced the initial public offer to sell shares, 7 weeks after attacks on its oil refinerys. “ramco” is the world's largest oil company, worth $1.2 trillion. Saudi Arabia officially announced its long-awaited initial bid Sunday of its giant [...]
“ramco” is the world's largest oil company, worth $1.2 trillion.
Saudi Arabia officially announced on Sunday its long-awaited initial offer of its oil giant “Arramco”, under which part of the company will be offered on the local stock market in hopes of providing billions of dollars for the kingdom.
Chief executive Amin Nasser called Sunday a truly historic day, adding that the company will already be listed on the Riyadh Stock Exchange. The initial public offering will be divided into two transfers -- one for public institutions and the second for private investors, but “Aracco” has not yet determined how much of the company will be sold.
Sources say Saudis will sell only $12% of the company's shares, which can cost between $20 billion and $40 billion. This company has been praised by bankers and business experts for $1.5 trillion worth more than the most valuable companies in the world, such as Microsoft or Apple.
The sale of shares of “ramco” aims to boost Saudi country economy, as Crown Prince Mohammed bin Salman aims at diversification, away from oil.
“ramco” was founded in 1933, between Saudi Arabia and the standard oil company in California. But between 73 and 80, Saudi Arabia bought the entire company. /rtsh/
