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Saudi Aramko Reveals Next Phase of Blockbuster Flotation



  Aramco Gas Terminal Copyright
Reuters

The world's most profitable company publishes more details about its planned float exchange.

The long-awaited prospectus of Saudi Aramco in Saudi Aramko said that individual retail investors

But the 600-page prospectus does not say how much of the Saudi firm will be sold, nor the date of registration.

However, they do mention possible risks, including government control over oil production and terrorist attacks. Crown Prince Mohammed bin Salman seeks to sell shares to raise billions of dollars to diversify the Saudi economy away from oil through investments in non-energy industries.

Bankers believe the long-awaited flotation will estimate Aramco at $ 1

.5-2 trillion, making the stock market the largest ever.

The prospectus says that up to 0.5% of the company will be set aside for retail savers, but Aramco has not yet decided the percentage for larger institutional buyers.

After the flotation, Aramco will not list more shares for six months, the prospectus says. Although one of the attractions for investors is the potential for high dividends, the document states that Aramco has the right to change its dividend policy without notice.

Aramco has hired a number of international banking giants, including Citibank, Credit Suisse and HSBC, as financial advisers to evaluate interest in the sale of shares and price. Based on the level of interest – the final value will be placed on the shares on December 5.

The sale of the company, launched four years ago, has been overshadowed by delays and criticism of corporate transparency in Saudi Arabia's crown,

Initially it was estimated that 5% of Aramco would be sold, but now the final the figure is half.

Amid speculation that some foreign institutional investors are cool in flotation, the government says it is pushing rich Saudi business families and institutions to invest, and many nationalists see it as a patriotic obligation.

Last year, Aramco made $ 111 billion in net profit. In the first nine months of this year, its net profit dropped 18% to $ 68 billion.


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