Saudi Aramco confirms to sell 0.5% to retail investors, lockup period for government

DUBAI (Reuters) - State-owned Saudi Aramco will sell 0.5% of its shares to individual shareholders and the government will have a lockup period of at least six months on further share sales after the initial public offering, its prospectus said on Saturday. The over 600-page prospectus did not include details of how much of the company would be floated or any commitments from anchor investors

Reuters November 10, 2019 04:05:24 IST
Saudi Aramco confirms to sell 0.5% to retail investors, lockup period for government

Saudi Aramco confirms to sell 05 to retail investors lockup period for government

DUBAI (Reuters) - State-owned Saudi Aramco will sell 0.5% of its shares to individual shareholders and the government will have a lockup period of at least six months on further share sales after the initial public offering, its prospectus said on Saturday.

The over 600-page prospectus did not include details of how much of the company would be floated or any commitments from anchor investors.

Aramco fired the starting gun on the initial public offering (IPO) on Nov. 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.

(Reporting by Saeed Azhar and Hadeel Al Sayegh; editing by Jonathan Oatis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Podcast app Breaker to be acquired by Twitter (Jan. 4)
Business

Podcast app Breaker to be acquired by Twitter (Jan. 4)

(In Jan 4 story, corrects typographical error in CEO name in final paragraph) (Reuters) - Breaker, a popular podcast app, said on Monday it would be acquired by social media company Twitter Inc and shut down its app and website next week. Breaker said on its blog https://blog.breaker.audio/the-breaker-team-is-joining-twitter-f8c1721d66c6 that people can now transfer their subscriptions to other podcast listening apps like those offered by Apple Inc and Spotify. Financial terms of the deal were not disclosed.

Latest global lockdowns delay fuel demand recovery
Business

Latest global lockdowns delay fuel demand recovery

By Bozorgmehr Sharafedin LONDON (Reuters) - Severe coronavirus restrictions around the world to‮ ‬contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021. Most of Europe is now under the strictest restrictions, according to the Oxford stringency index, which assesses indicators such as travel bans and the closure of schools and workplaces

Gold hastens retreat, slumps 3% as U.S. Treasury yields soar
Business

Gold hastens retreat, slumps 3% as U.S. Treasury yields soar

By Shreyansi Singh (Reuters) - Gold accelerated its slide below the $1,900 mark on Friday, slumping around 3% and dragging down other precious metals as a jump in U.S. Treasury yields hammered bullion's safe-haven appeal.