Saudi Vice Minister of Defense Visits CENTCOM Headquarters    Saudi Minister of Education Meets with CEO of British Cultural Council    Russian diplomat resigns, says he's never been so ashamed of his country    SDAIA: Autonomous vehicles will be commercially available in world by 2030    Sheikh Al-Muajab meets with head of Eurojust Agency in The Hague    Ma'aden Enters Forbes 2000 List of World's Largest Public Companies    Misk Foundation Inaugurates Youth Council at the World Economic Forum    Tea Day event at Madinah university highlights diversity of traditions, cultural heritage    Sheikh Dr. Al Al-Sheikh, Sundberg call for spreading tolerance and dialogue    WEF unveils virtual global collaboration village as future of strong public-private cooperation    Prince Mohammed Bin Salman Nonprofit City appoints Dalkia EDF Group to implement sustainable solutions    Saudi minister: OPEC+ would increase production 'if demand is there'    Saudi student clubs in US hold graduation ceremony    MoH reveals information about monkeypox and ways to reduce its spread    Australia's new PM sworn in ahead of Quad meeting    UNHCR: Record 100 million people forcibly displaced worldwide    Manchester City clinches Premier League title on dramatic final day    How Syrian singer Rasha Rizk dazzled millennials at Jeddah Season?    King Salman Park begins construction on its Royal Arts Complex    Shoura members propose equal blood money for men and women, Muslim and non-Muslim    AMAALA Reveals Iconic New Yacht Club Designs    Arab League Renews Commitment to Enhancing Arab-African Cooperation    KSrelief Signs Agreement to Implement First Phase of Rehabilitating New Building of Mecca Medicine Eye Hospital in Omdurman, Sudan    KSrelief's Masam Project Dismantles 1,339 Mines within a Week in Yemen    British Investors Express Interest in Investing in Saudi Arabia's Food, Drug Market    Asian Shares Mixed    7 Die in Philippine Ferry Fire; over 120 Rescued from Water    Weather Forecast for Monday    Ithra Participates in Cannes Film Festival with New Films to Support Saudi Talents    Exclusive launching of Michael Schumacher Digital Experience at Jeddah F1 Grand Prix    MoH allows 6 categories to receive second booster dose    Mbappé signs new 3-year PSG deal after rejecting Real Madrid    Junaid, Tusif, Ashfaq, Rizwan, Furqan excel Butt Sport to clash with Center System Group in Ace Travel Saudi Cup final    Saudi Aramco: London Championship to Witness Participation of World's Best Female Golfers    Saudi woman finds out she is male after 20 years    Saudi Arabia Heads to Cannes International Film Festival to Promote Country's Flourishing Industry and Support Emerging Talent on World Stage    President of SAFF Participates in AFC General Assembly Meeting    Saudi Athletes Achieve Great Victories in the 2nd Day of the GCC Games Tournament in Kuwait    Jazan Hosts West Asian Beach Soccer Championship    Bollywood actor's tweet reignited debate over Hindi as India's national language    SFDA Advises to Wash Dates Well Before Eating    SFDA Advises Against Mixing Surplus of Iftar and Suhoor with Different Foods or Surplus from Other Days    Ministry calls on imams to avoid long supplications in Tahajjud Prayer    Nothing wrong with a Muslim celebrating birthdays, says Saudi scholar    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Saudi nationals eligible to receive one bonus share per 10 shares they hold for 180 days
Published in The Saudi Gazette on 03 - 11 - 2019

Saudi Arabia's state oil company kicked off its initial public offering (IPO) on Sunday by announcing its intention to float on the Riyadh bourse.
Here some highlights from the document:
• Aramco said the final offer price, number of shares to be sold and percentage will be determined at the end of the book-building period.
• It will be offered to institutional and individual investors.
• Saudi nationals will be eligible to receive one bonus share per 10 shares they hold for 180 days, up to a maximum 100 bonus shares.
• Saudi Arabia's CMA market authority has agreed to exempt non-resident institutional foreign investors that intend to subscribe from certain formalities to achieve qualified foreign investor status.
• The board intends to declare aggregate ordinary cash dividends of at least $75 billion in 2020.
• The government will forgo a quarterly dividend between 2020-2024 if needed in order to allow Aramco to pay a minimum cash dividend to other shareholders.
• Aramco and the sovereign Public Investment Fund (PIF) agreed to amend payment terms so that 36% of the purchase price will be paid in cash and 64% will be paid as a seller loan on or before Sept. 30, 2020.
• Saudi Aramco will pay a $500 million loan charge to the PIF on the closing date and five additional promissory notes in an aggregate principal amount of $2.5 billion will be issued.
• The document mentioned a May 2019 armed drone attack on Aramco's East-West pipeline, which briefly shut it down.
• It said five drones attacked the Shaybah NGL facility on Aug. 17 resulting in fires and damage costing around $28 million. Restoration of plant operations on one NGL train was completed within two weeks after the attack and other repairs are ongoing, it said, adding revenue losses would not be material.
• The attack on Aramco's Abqaiq facility and Khurais processing facility on Sept. 14 caused explosions, fires and significant damage to equipment at each facility. Aramco is working towards fully restoring full plant operations there and does not expect the attack to have a material impact on its business, financial condition or results of operations.
• The shares have not been registered under the United States Securities Act or the securities laws of any other jurisdiction other than Saudi Arabia.
• In total 27 banks will be working on the IPO marketing.
• Nine banks are overseeing the listing as joint global co-ordinators: Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, Merrill Lynch, Morgan Stanley, NCB Capital and Samba Capital & Investment Management Company.
• Five Saudi banks are working as domestic bookrunners, 11 as foreign bookrunners.
• Moelis, Lazard and Michael Klein are acting as special advisers.
• The tax rate for Aramco's downstream business will be reduced from the 50% to 85% multi-tiered structure of income tax rate for domestic oil and hydrocarbon production companies to the general corporate tax rate of 20% applicable to similar domestic downstream companies under Saudi's income tax law.
• This is on the condition that Aramco consolidates its downstream business under a separate, wholly-owned subsidiary before the end of 2024.
• The period for which Aramco will not have to pay royalties on condensate production was extended for an additional 10 years after the current five-year period ending on Jan. 1, 2023, and may be further extended for further 10-year periods subject to government approval.

Clic here to read the story from its source.