Saudi Gazette report

RIYADH — The Government of Saudi Arabia and Saudi Aramco have announced on Thursday the launch of a secondary public offering of ordinary shares of Saudi Aramco. The offering will commence on Sunday, 2 June 2024.

The offering includes 1.545 billion shares of the Company, representing approximately 0.64% of the Company's issued shares. The price range for these shares is expected to be between SR26.70 and SR29.00 per share.

The Government and the Company are restricted from disposing of the Company's shares for six months following the closing date of the offering, expected to be Tuesday, 11 June 2024, subject to certain exceptions and unless waived by the Joint Global Coordinators. The offering is open to institutional investors in Saudi Arabia, qualified institutional investors outside Saudi Arabia, and eligible retail investors in Saudi Arabia and other GCC countries. Outside the Kingdom, the offering will comply with Regulation S under the US Securities Act of 1933, as amended.

Saudi Aramco will hold meetings with institutional investors from Sunday, 2 June to Thursday, 6 June 2024. Of the total offer shares, 154.5 million shares, representing 10%, will be allocated to retail investors, provided there is sufficient demand. Any updates or amendments to the offering terms, excluding the number of shares allocated to retail investors, will be announced.

The Government will receive all net proceeds from the offering and will reimburse the Company for all related fees, costs, and expenses, ensuring that the Company does not receive any proceeds from the offering and that there is no dilution of shares for other shareholders.

M. Klein and Company and Moelis & Company UK LLP are acting as independent financial advisors for the offering. Citigroup Saudi Arabia, Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia Company, Merrill Lynch Kingdom of Saudi Arabia, Morgan Stanley Saudi Arabia, and SNB Capital Company are serving as joint global coordinators and joint bookrunners. Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital are acting as domestic joint bookrunners. SNB Capital Company is the lead manager of the offering. Alinma Bank, Alrajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, and Saudi National Bank are the receiving entities for the offering.