Aramco ready for foreign float alongside primary domestic listing
Saudi Aramco is primed to float on international markets to complement a planned domestic initial public offering (IPO) which has been selected as its primary listing, the state oil giant's chief executive said on Tuesday.
'Energy for Prosperity' - it's the slogan of the World Energy Congress in Abu Dhabi this week ... Where the talk was of Saudi Arabia's plans to float a chunk of its oil giant, Saudi Aramco.
It could, according to CEO Amin Nasser, be a two-stage process: An IPO in its home market - plus a flotation on international markets.
(SOUNDBITE) (English) ARAMCO CEO, AMIN NASSER, SAYING: "The decision is with the shareholders.
From Aramco's side, as we always say, we are ready for whatever the decision is, to list locally, which is going to be the primary listing to list locally, but we are ready also for listing outside." Nasser was following comments from the new Saudi energy minister, Prince Abdulaziz bin Salman.
The aim, he said on Monday (September 9), was for a share sale "as soon as possible." In what could be the world's biggest IPO, Aramco is preparing to sell up to a 5% stake by 2020-2021.
Apple just became the first US-listed company to reach a $2 trillion market capitalization. Apple shares rose 1.2% to an all-time high of $467.84 per share on Wednesday to reach the $2-trillion milestone. Oil giant Saudi Aramco is the only other publicly listed company to ever hit a $2 trillion market value. Apple recently announced its fifth stock split in an effort to appeal to a broader base of investors. Business Insider reports Apple is set to enact a 4-for-1 split of its shares next Monday.
On Thursday, Apple released a blockbuster earnings report. On Friday, Apple shares surged as much as 7%. Apple's market capitalization briefly overtook Saudi Aramco's on Friday, dethroning the oil giant as the most valuable company in the world. Apple's market value at $1.762 trillion. Apple's recent tear has sent shares up roughly 39% year-to-date. The company also on Thursday announced a 4-1 stock split, which it said would help it appeal to a broader range of investors.
Mumbai Indians reached Abu Dhabi on September 19 ahead of their opening match of Indian Premier League 2020. Staff waved MI flags to give them a warm welcome. Mumbai Indians to play Chennai Super Kings in tournament opener today.
Chennai Super Kings boarded buses for Sheikh Zayed stadium in Abu Dhabi on September 19 ahead of their opening match of Indian Premier League 2020. Captain Mahendra Singh Dhoni and team will play Mumbai Indians in the opening match of IPL 2020.
The 13th season of Indian Premier League (IPL)-2020 will begin from September 19 amid coronavirus pandemic this year. The matches will be scheduled in three venues of UAE-Dubai, Sharjah and Abu Dhabi with no crowd. While speaking to media, bowler of Rajasthan Royals, Jaydev Unadkat said, "We have to remain inside the bubble as IPL will be different this year without audience. Life in a bubble is not easy." "We are following all the protocols inside the bubble. We are excited about the tournament," he added.
Interview with Kevin Jones who runs the NuDawn bar in Well Street, Hackney,regarding the forthcoming tightening of lockdown restrictions. Mr Jones saidthe short amount of time businesses had been given to adjust amounted to"pandemonium" and "disorder".
Credit: PA - Press Association STUDIO Duration: 01:34Published
The Duchess of Cambridge has met up with mothers in a London park to chatabout how they have been helping each other out during the pandemic. Theduchess – mother to Prince George, Princess Charlotte and Prince Louis – wasgreeted in the autumn sunshine in the picturesque Old English Garden inBattersea Park, south London.
Credit: PA - Press Association STUDIO Duration: 00:38Published
Equity benchmark indices traded lower during early hours on September 22 while Asian markets opened weak after the sharp pullback overnight in US stocks. At 10:15 am, the BSE S-P Sensex was down by 301 points or 0.79 per cent at 37,733 while the Nifty 50 moved lower by 66 points or 0.59 per cent at 11,184. All sectoral indices at the National Stock Exchange were in the negative terrain with Nifty realty dipping by 4.6 per cent, PSU bank by 3.2 per cent, metal by 2.9 per cent and auto by 2.3 per cent. Among stocks, energy major GAIL was the top loser after sliding 4.9 per cent to Rs 83.85 per share. Adani Ports fell by 4.5 per cent and Tata Motors by 4 per cent. Tata Steel, Hindalco, ONGC, Bajaj Finance, Zee Entertainment and Bharti Infratel too traded lower by over 3 per cent. However, Tata Consultancy Services and ICICI Bank were in the green with thin margins. Meanwhile, Asian markets opened weak even after the sharp pullback overnight in US stocks. Investor sentiment took a hit with possible delays in expanded US stimulus. The undertone remained cautious as Europe sees some countries lockdown for the second time as COVID-19 cases jump which could hurt economic activity. Hong Kong shares of HSBC and Standard Chartered fell more than 2 per cent each as global banking stocks remained under intense pressure on reports about financial institutions allegedly moving illicit funds. MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.5 per cent. Hong Kong's Hang Seng index was down by 0.5 per cent while Japanese markets were closed for a public holiday.