RE: Oillies27 Nov 2019 07:58
This is another reason why I think BP and RDSB will bounce as you can see below the Armco IPO coincides with the scheduled opec meeting in 3rd December so there’s no fekin way they’re going to increase production and make the share price fall if anything it will be a prod cut to make the ipo great.
What do you think guys ?
After you read the caption below.
(CNN) - Saudi Aramco on Saturday released details of an initial public offering that could shatter records and will give investors the chance to own a piece of the world's most profitable company.
Saudi Arabia's state oil company said the offering period will begin on November 17 and close on December 4. It will price its shares on December 5, with trading on the Saudi stock exchange, the Tadawul, expected to start in mid-December, according to its prospectus.
The public offering could be largest in history. Aramco has vast oil reserves and massive daily output. It holds a monopoly in Saudi Arabia, the world's largest exporter of crude. The company posted a $68 billion profit for the first nine months of this year, down 18% on the same period in 2018. Profit for the whole of 2018 was $111 billion.
The prospectus did not say how much of the company will be floated, but it did specify that up to 0.5% of shares will be sold to individual investors. There is one class of ordinary shares and a share entitles its holder to one vote. Each shareholder has the right to attend and vote at the general assemblies.
The company will not be able to list additional shares for six months after trading begins. All necessary regulatory and corporate approvals required for the offering have been secured for the IPO, it said.
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