By Arab News
Saudi Aramco prospectus confirms to offer up to 0.5% of shares to individual investors it was announced on Saturday.
A prospectus released from Saudi Aramco said selling shareholder will receive all of the proceeds of the offering and will reimburse Saudi Aramco for all fees, costs and expenses it incurs.
The release also said the selling shareholder will be prohibited from disposing of its shares for a six month lock-up period starting from the commencement of trading of the shares.
It was revealed on Saturday that Saudi Aramco has one class of shares, and a share entitles its holder to one vote and each shareholder has the right to attend and vote at General Assemblies, according to the prospectus.
Saudi Aramco’s prospectus says all relevant regulatory and corporate approvals required for the offering have been granted and an announcement of final offer price will be Dec. 5 2019, with bidding and book building period to run Nov. 17 to Dec. 4.