Saudi Aramco announce secondary public offering of shares on June 2 – Saudi Gazette

Saudi Aramco announce secondary public offering of shares on June 2 – Saudi Gazette

Saudi Gazette reportRIYADH — The Government of Saudi Arabia and Saudi Aramco have announced on Thursday the launch of a secondary public offering of ordinary shares of Saudi Aramco. The offering will commence on Sunday, 2 June 2024.The offering includes 1.545 billion shares of the Company, representing approximately 0.64% of the Company's issued shares. The price range for these shares is expected to be between SR26.70 and SR29.00 per share.The Government and the Company are restricted from disposing of the Company's shares for six months following the closing date of the offering, expected to be Tuesday, 11 June 2024, subject to certain exceptions and unless waived by the Joint Global Coordinators. The offering is open to institutional investors in Saudi Arabia, qualified institutional investors outside Saudi Arabia, and eligible retail investors in Saudi Arabia and other GCC countries. Outside the Kingdom, the offering will comply with Regulation S under the US Securities Act of 1933, as amended.Saudi Aramco will hold meetings with institutional investors from Sunday, 2 June to Thursday, 6 June 2024. Of the total offer shares, 154.5 million shares, representing 10%, will be allocated to retail investors, provided there is sufficient demand. Any updates or amendments to the