Oil & Gas
Next stop Abu Dhabi: Aramco in regional push to sell shares
(Bloomberg) –Saudi Aramco will meet investors in Abu Dhabi on Monday to drum up support for its share sale after pitching the offering in Dubai.
Chief Financial Officer Khalid Al-Dabbagh on Sunday briefed potential investors on strategy and dividend plans at the Ritz-Carlton hotel in Dubai’s financial district, according to several participants who attended, but asked not to be identified because the meetings are private.
The event was invitation-only and participants wore name badges to access the ballroom area where the sessions were held. Attendees left with printed copies of Aramco’s more-than-600-page prospectus, but said they hadn’t received any information that wasn’t previously disclosed.
Read more: Saudi Stocks Rise as Aramco Seeks $1.7 Trillion Valuation in IPO
Aramco’s IPO is turning into a mainly regional affair after most international money managers balked at the reduced price target of $1.6 trillion to $1.71 trillion. The deal will now rely on local investors and won’t be marketed in the U.S., Canada and Japan. Roadshow events in London and other European cities were also canceled.
Still, some investors leaving the Dubai meeting said they were positive about Aramco’s prospects and would consider investing. Bankers on the deal saw sufficient early demand to pull off the IPO just three days after its launch, people with knowledge of the matter have said.
Read: Aramco Faces Serious Risks From Climate Change, Report Says
Saudi Arabia planned the offering as part of its economic diversification, using the company’s oil wealth to attract foreign capital.
–With assistance from Verity Ratcliffe, Matthew Martin and Archana Narayanan.
-
Alamaliktistaad Magazines1 month ago
Al-iktisaad, November 24
-
Oman2 months ago
Shell Oman Partners with Oneroad Automotive Gives Away 2 Forthing Cars as Part of its ‘Win Big’ Campaign
-
Energy1 month ago
Oman and Belgium Strengthen Green Hydrogen Partnership with New Landmark Agreement
-
Energy1 month ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
Oman1 month ago
Oman Braces for Launch of First Experimental Rocket Duqm-1 on 4 December 2024
-
Technology1 month ago
EXCLUSIVE: Technological Singularity – Will It Become Humanity’s Greatest Leap or Its Most Perilous Step?
-
Oman1 month ago
Transport Ministry Issues New Regulation for Security of Ships, Ports
-
News1 month ago
Mitsubishi X-force Joins Sayarti’s Fleet: A New Era of Elegance and Performance