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Arabia

Crown prince says Saudi to sell more shares of energy giant Aramco

2021-01-29

[AlAhram] Aramco was listed on the Saudi bourse in December 2019 following the world's biggest initial public offering, generating $29.4 billion for 1.7 percent of its shares.

Thank you, President Trump, for making the Saudis feel the necessity.

Don't worry, President Xiden will throw it all away...

Saudi Crown Prince Mohammed bin Salman

...Crown Prince and modernizer of Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
as of 2016. The Turks hate him, so he must be all right, despite the occasional brutal murder of Qatar-owned journalists...
said Thursday the kingdom will sell more shares of energy giant Aramco in the coming years, following the world's biggest public listing in 2019.

"There will be Aramco share offerings in the coming years, and this cash will be transferred to... the Public Investment Fund to be re-injected inside and outside the kingdom," Prince Mohammed told Riyadh's Future Investment Initiative (FII) conference in a virtual session.

The prince did not specify a timeframe or what portion of the company's shares will be sold in future offerings.

Aramco was listed on the Saudi bourse in December 2019 following the world's biggest initial public offering, generating $29.4 billion for 1.7 percent of its shares.

Analysts say sales of additional shares could struggle to generate investor interest amid a downbeat energy market as the coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
pandemic saps global energy demand.

Late last year, Aramco posted a 44.6 percent slump in third-quarter profit, as the pandemic weighed on the global demand for crude oil.

Aramco, seen as Saudi Arabia's cash cow, has revealed consecutive falls in quarterly profits since it began disclosing earnings in 2019, piling pressure on government finances as the kingdom pursues ambitious multi-billion dollar projects to diversify its economy.

Saudi Arabia, the world's biggest crude exporter, has been hit hard by the double whammy of low prices and sharp cuts in production.

One hopes a sharp reduction in spending on pet jihadis from both public and private purses resulted. A reduction in arrogance is not, sadly, likely any time soon.

Posted by:trailing wife

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