Saudi Arabia's state-owned oil giant Aramco revealed it will sell up to 0.5% of its shares to individual investors, but it did not disclose how much of the company will be floated when it goes public on the country's domestic exchange.
A man walks near a compound for Saudi Aramco in Jiddah, Saudi Arabia, Sunday, Nov. 3, 2019. Saudi Arabia formally started its long-anticipated initial public offering of its state-run oil giant Saudi Aramco on Sunday, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom.
Still, the highly-anticipated sale of even just a sliver of the company is expected to make this the world’s biggest initial public offering. Saudi Aramco is the most profitable company globally, producing more than 10 million barrels of crude oil a day, or some 10% of global demand. The oil and gas company had profits of $111 billion last year, more than Apple, Royal Dutch Shell and Exxon Mobil combined.
The company stated its plans to pay out an annual dividend of at least $75 billion starting in 2020, but questions linger over how much Aramco is worth.
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