The public offering may be the largest in history. Aramco has huge oil reserves and massive daily production. It has a monopoly in Saudi Arabia, the world's largest exporter of crude oil. The company posted a profit of $ 68 billion for the first nine months of this year, down 18% from the same period in 2018. The full-year profit was $ 1
The prospectus did not contain details of how much of the company will be relocated. The company will sell up to 0.5% of the shares to individual investors. There is a class of ordinary shares, and one share entitles you to one vote. Each shareholder has the right to attend and vote at the general meetings.
The company will not be able to list additional shares in six months after trading begins. All necessary regulatory and corporate approvals required for the offer are secured for the IPO, it states.
Aramco may have to rely heavily on wealthy local families, sympathetic sovereign wealth funds, or large clients like China who sign up for shares.