Saudi Arabia's state oil company kicked off its initial public offering (IP...
- Saudi Arabia’s state oil company kicked off its initial public offering on Sunday by announcing its intention to float on the Riyadh bourse.
— Saudi Arabia’s CMA market authority has agreed to exempt non-resident institutional foreign investors that intend to subscribe from certain formalities to achieve qualified foreign investor status.— The board intends to declare aggregate ordinary cash dividends of at least $75 billion in 2020. — Saudi Aramco will pay a $500 million loan charge to the PIF on the closing date and five additional promissory notes in an aggregate principal amount of $2.5 billion will be issued.— The document mentioned a May 2019 armed drone attack on Aramco’s East-West pipeline, which briefly shut it down.
— The attack on Aramco’s Abqaiq facility and Khurais processing facility on Sept. 14 caused explosions, fires and significant damage to equipment at each facility. Aramco is working towards fully restoring full plant operations there and does not expect the attack to have a material impact on its business, financial condition or results of operations.
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