Saudi Aramco Announces Offering Size, Final Offer Price of its Shares

Saudi Press Agency

Friday 1441/4/9 - 2019/12/06

Riyadh, Dec 6, 2019, SPA -- Saudi Arabian Oil Company (Saudi Aramco) has announced the end of the book-building period and the setting of the final offer price for the offering, at SR 32 for a share.

Saudi Aramco said in a statement that the offering size (excluding any exercise of the purchase option) is 3,000,000,000 shares, comprising 1.5% of the company's share capital.

The offering process generated subscriptions by institutional subscribers of SR397 billion/USD106 billion, which, together with the total demand from individual investors in the offering, equals SR446 billion/USD119 billion, or 465% of the total offer shares (assuming no exercise of the purchase option).

The company said that the offering amount is SR96 billion/USD25.6 billion (assuming no exercise of the purchase option).

The offer shares allocated to individual investors comprise 33.3% of the offer shares (which is equivalent to 0.5% of the company's share capital), while the offer shares allocated to institutional subscribers comprise 66.7% of the offer shares (which is equivalent to 1.0% of the company's share capital), (in each case, assuming no exercise of the purchase option).

Saudi Aramco pointed out that the selling shareholder has granted the stabilizing manager a purchase option to allow the stabilizing manager to cover short positions resulting from any over-allotments, pursuant to which the stabilizing manager may purchase from the selling shareholder up to a maximum of 450,000,000 additional shares, representing 15% of the offering size at the final offer price.

The purchase option will be exercisable in whole or in part upon notice by the stabilizing manager, at any time on or before 30 calendar days after the commencement of trading of the shares on the Saudi Stock Exchange (Tadawul).

The company stressed that in the event that the purchase option is exercised in full, the total offering size will be 3,450,000,000 shares, representing an offer amount of SR110.4 billion/USD29.4 billion.

The company said that the key offering dates are: deadline for payment of the subscription funds by institutional subscribers: 11/4/1441H (corresponding to 8 December 2019), date of refund of excess subscription monies (if any) to individual investors 15/4/1441H (corresponding to 12 December 2019), trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed.

An announcement of the commencement of trading of the shares will be posted on Tadawul's website (www.tadawul.com.sa).

--SPA
18:09 LOCAL TIME 15:09 GMT
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