Saudi Aramco IPO could be stabilised by Goldman Sachs
Saudi Aramco announced that US-based investment bank Goldman Sachs may stabilise its shares following its initial public offering earlier this month.
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Goldman Sachs may stabilise Saudi Aramco’s shares after its record breaking initial public offering (IPO) earlier this month, the oil company said in a statement.
If required, the US-based investment bank will acquire additional shares in Saudi Aramco to stabilise and support its share price.
Saudi Aramco stabilisation period to end in January
The stabilisation period is set to end on January 9, however, no transactions have been executed at this stage, Saudi Aramco said.
Saudi Aramco is trading at 35.40 riyals, 10% higher than its IPO price of 32 riyals a share, representing a market value for the company of around $1.9 trillion.
Saudi Aramco acquires 17% of South Korean Hyundai Oilbank
Saudi Aramco has acquired 17% of Hyundai Oilbank from Hyundai Heavy Industries Holdings last week.
The investment Hyundai Oilbank supports Saudi Aramco’s downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses which enable Saudi Aramco to place crude oil and leverage its trading capabilities, the company said in a statement.
The deal is valued at approximately $1.2 billion.
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