Thursday, 25 July 2024

Merrill Lynch Announces End of Aramco Share Price Stabilisation Period, No Transactions to Be Executed


Merrill Lynch Saudi Arabia, in its capacity as the price stabilisation manager, announced the end of the price stabilisation period and the exercise of the purchase option, indicating that no price stabilisation transactions will be implemented.

Merrill Lynch stated that the stabilisation manager submitted a notification today to the Kingdom and the issuer regarding exercising the stock purchase option for 154.5 million ordinary shares at the offering price of 27.25 riyals per share.

Since no price stabilisation operations were carried out during the stabilisation period, the total size of the offering, after exercising the purchase option, will be 1.69 billion ordinary shares, representing a total offering value of 46.31 billion riyals.

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Merrill Lynch added, “To avoid doubt, the 154.5 million shares subject to the purchase option will be used by the price stabilisation manager to return the shares borrowed from the Kingdom’s government and sold in the offering.”

Therefore, no additional shares will be offered on the market today, and the price stabilisation manager will not own any shares in the issuer due to exercising the purchase option.