'Risk of terror attacks': Saudi Aramco prospectus gives few details on IPO size

News Network
November 10, 2019

Dubai, Nov 10: Saudi state oil giant Aramco will sell 0.5 per cent of its shares to individual retail investors and the government will have a lockup period of a year on further share sales after the initial public offering, its prospectus said on Saturday.

The more than 600-page prospectus did not include details of how much of the company would be floated in total or of any commitments from anchor investors.

Sources have said the company could sell 1 per cent-2 per cent on the Saudi stock market in what could be the world's largest listing.

Offering for the shares will begin on November 17, the prospectus said.

Aramco fired the starting gun on the initial public offering (IPO) on November 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.

Among the risks highlighted in the prospectus were the potential for terrorist attacks and the potential for encountering antitrust legislation, as well as the right of the Saudi government to decide maximum crude output and direct Aramco to undertake projects outside its core business.

Aramco may also change its dividend policy without prior notice to its minority shareholders, it said.

Aramco's oil facilities were targeted on September 14 in unprecedented attacks that temporarily shut 5.7 million barrels per day (bpd) of output - more than 5 per cent of global oil supply.

LOCKUP PERIOD

The prospectus said the government will have a "statutory lockup period" for disposing of any shares after the listing for six months, and a contractual lockup period for 12 months.

Aramco cannot list additional shares for a period of six months after trading starts, and will also be restricted from issuing additional shares for 12 months.

The offering for institutional investors will begin on November 17 and end on December 4, while retail investors will be able to bid for the shares from November 17 to November 28, the prospectus said.

"Aramco IPO is an opportunity that shouldnt be missed, the largest company in the world....holding aramco shares is an absolute gain", a Saudi with a twitter handle named Abdulrahman wrote.

Aramco has been in talks with Gulf and Asian sovereign wealth funds and wealthy Saudi individuals to secure top investors of the IPO, but no anchor investor is yet to formally agree to a deal.

The Russia-China Investment Fund is working to attract Chinese investors for Aramco's planned IPO, the head of Russia's RDIF sovereign wealth fund said on Thursday.

Bankers have told the Saudi government that investors will likely value the company at around USD 1.5 trillion, below the USD 2 trillion valuation touted by Prince Mohammed when he first floated the idea of an IPO nearly four years ago.

Initial hopes for a 5 per cent IPO on domestic and international bourses were dashed last year when the process was halted amid debate over where to list Aramco overseas.

Aramco said the timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp <2010.SE>.

The prospectus said Goldman Sachs was named as stabilizing agent for the deal.

Analysts from banks working on the Riyadh bourse have projected a wide valuation range between USD 1.2 trillion to USD 2.3 trillion.

At the top valuation of USD 2 billion, Aramco could potentially raise USD 40 billion, topping the record-breaking USD 25 billion raised by Chinese e-commerce giant Alibaba in 2014.

The valuation would be almost twice that of Microsoft, currently the world's most valuable listed company, and seven times that of Exxon Mobil Corp, the biggest listed oil major by market capitalisation.

"Due to its size and likely free float, Aramco should be eligible for fast-track inclusion in both the FTSE and MSCI Emerging Market indices within 10 days of the IPO," said Dominic Bokor-Ingram, senior portfolio manager, frontier markets, Fiera Capital (Europe).

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News Network
March 25,2024

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A Palestinian woman has recounted terrifying incidents after Israeli military forces raided al-Shifa hospital in Gaza City last week, saying the occupying regime’s soldiers are raping Palestinian women before killing them.

Jamila Al-Hisi, an eyewitness who was besieged in the medical complex and managed to finally get out, said on Saturday that women have been subjected to rape, starvation, torture, and extrajudicial execution, adding that the International Committee of the Red Cross (ICRC) is doing nothing.

She went on to say that Israeli troops have “forced 65 families to leave the area around the al-Shifa Medical Complex whilst burning and killing entire families,” noting that they have burned a building where Palestinian civilians were taking shelter.

“We don’t even have water to break our fast, and we don’t know where to go,” Hisi said, stressing that the displaced people in the compound have not found food or water for six days.

She further called on the Red Cross to provide water for the children and the sick who are being forced to drink dirty water and eat rotten food.

Palestinians are being forcibly displaced by Israeli occupation forces from the area surrounding al-Shifa Hospital in northern Gaza, Hisi said, adding, “We are trapped amid continued Israeli shelling.”

The latest development comes as the Israeli military continues to carry out air strikes and artillery shelling in and around the al-Shifa Hospital for the seventh day in a row.

On Monday, heavily armed Israeli forces stormed the al-Shifa hospital using tanks and drones, claiming that the Palestinian resistance movement Hamas is using the facility to “conduct and promote terrorist activity.” Later that day, Israel said that “terrorist forces” were firing at Israeli troops.

The Ministry of Health in Gaza said at the time that about 3,000 people were inside al-Shifa seeking refuge and that those attempting to leave were being targeted by snipers and fire from helicopters.

Ever since the Israeli military raided the hospital last week, reports have suggested unspeakable atrocities being carried out against the doctors, nurses, and general staff as well as the thousands of displaced people there.

Israelis have admitted to executing 140 people inside al-Shifa, including paramedics, patients and wounded whilst the siege is still ongoing after seven days with mass arrests.

Meanwhile, a group of Palestinian activists have circulated a shocking story about the Israeli soldiers raping a pregnant woman in the al-Shifa hospital, alongside Hisi’s revelation.

Watan-Palestinian activists quoted the husband of a woman who was raped by Israeli forces as saying that “They ordered her to undress and began to beat her… She told the military she was five months pregnant, not to beat her, but they continued to beat her.”

“After hours, they took out all the women except the pregnant woman, and her children… They took her in front of her husband and children and raped her, ordering the men not to close their eyes or they would be shot.”

Israel waged the war on the Gaza Strip on October 7 after Hamas carried out the surprise Operation Al-Aqsa Storm into the occupied territories in response to the occupying regime’s intensified crimes against the Palestinian people.

Since the start of the aggression, the Tel Aviv regime has killed at least 32,226 Palestinians, most of them women and children, and injured another 74,518 individuals.

Tel Aviv has also imposed a “complete siege” on Gaza, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

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News Network
March 26,2024

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There is no let-up in the Israeli aggression on the Gaza Strip despite a UN Security Council resolution demanding an “immediate ceasefire.”

Israel carried out air raids and artillery strikes on several parts of Gaza on Tuesday, hitting residential buildings and gatherings of displaced people, “killing and wounding hundreds of people”, the Palestinian Information Center said.

Among the victims are 15 people, including four women and children, who were killed in an attack on a house in the neighborhood of Mosbeh, north of Rafah.

Media reports also said that fighting on the ground continued unabated.

That’s while the UN Security Council on Monday adopted a resolution for an “immediate ceasefire” for the ongoing Muslim holy month of Ramadan.

The resolution was put forward by the 10 non-permanent members of the UN Security Council. The US abstained and the 14 other council members all voted in favor of it.

After the vote, UN Secretary-General Antonio Guterres wrote on social media platform X that failing to implement the resolution “would be unforgivable.”

Palestinian resistance movements have welcomed the resolution, but Israel’s minister for military affairs Yoav Gallant said Israel will not stop its attacks in Gaza. 

“We will operate against Hamas everywhere – including in places where we have not yet been,” Gallant said.

Israel’s foreign minister, Israel Katz, also said in a post on X that the attacks will continue until all the captives taken by Hamas during its October 7 blitz are released.

Israel unleashed its war on Gaza on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Since the start of the offensive, the Tel Aviv regime has killed more than 32,300 Palestinians and injured over 74,000 others.

The Tel Aviv regime has also imposed a “complete siege” on the territory, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

Francesca Albanese, the UN special rapporteur on human rights in the Palestinian territories, said Israel has committed acts of genocide in Gaza.

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News Network
March 15,2024

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The leader of Yemen’s Houthis has said that the Yemeni armed forces will continue their retaliatory operations against Israeli-affiliated commercial vessels, preventing the passage of the ships even through the Indian Ocean and through the Cape of Good Hope.  

About 34 Houthi fighters have been killed since the Yemeni armed forces began to attack shipping lanes in solidarity with the people of Palestine under attack in Gaza by Israel, Ansarullah leader Abdul Malik al-Houthi said in a televised speech on Thursday.

Yemeni forces have repeatedly launched drones and missiles against Israeli and Israel-bound ships since mid-November, saying they are acting in solidarity with Palestinians against Israel's war on Gaza.

Al-Houthi said 73 ships have been targeted in Yemeni operations in support of Gaza so far, adding rarely does any ship associated with the Israeli enemy pass through Bab al-Mandab.

“This week, support operations included 12 operations targeting ships and barges, executed with a total of 58 ballistic and cruise missiles and drones in the Red Sea, the Arabian Sea, and the Gulf of Aden,” he said.

“Our operations this time reached unprecedented ranges, with 3 operations reaching the Indian Ocean, by the grace of Allah,” he added. “The total number of targeted ships and barges reached 73.”

Al-Houthi said that the operations will continue as long as the aggression and siege on Gaza persist.

The United States and Britain began striking Yemen in January in order to dissuade the country from targeting Israeli ships which carry arms and logistics for the onslaught on the besieged Gaza Strip.

Al-Houthi said the Americans and the British have received “painful blows” from the Yemeni armed forces in retaliation.

The American-British “aggression will not affect the escalating course of our operations in terms of range, momentum, precision, and strength,” said Al-Houthi.  

“What can stop the Yemeni military’s maritime operations is only the cessation of aggression and siege on Gaza,” he noted.

The American stubbornness and escalation of aggression result in only one outcome: the expansion of the conflict, the widening of the circle of war and events, and the tension of the situation at the regional level in general, he stated.

He went on to say that the Yemeni armed forces will continue and effectively expand the range of the operations to reach areas and locations that the enemy never expected.

Al-Houthi said what insures the navigation security in the Red Sea is for any country not to participate in the Israeli aggression against Gaza.

He said the Americans and those who drag the United States towards the militarization of the Red Sea are the ones who undermine international navigation.

“By the grace of Allah and His assistance, we aim to prevent the passage of ships associated with the Israeli enemy even through the Indian Ocean and from South Africa towards the Cape of Good Hope,” he stated.

“For this important, advanced, and significant step, we have begun to implement our operations related to it through the Indian Ocean and from South Africa towards the Cape of Good Hope,” he said.

There is absolutely no choice for the American and the British but to stop the aggression on Gaza and stop starving the people in Gaza, he declared.

“Our human conscience, our religion, our morals, our dignity, our pride, our belonging to Islam, prohibit us from watching the oppression of Palestine or remaining silent about it,” said Houthi.

He added that the Yemeni military is in continuous development of capabilities and in constant expansion of the stance in its range, effectiveness, and impact.

“The American's actions this week, involving aerial bombings and naval shelling, amounted to 32 bombing raids and strikes, which, as usual, were unsuccessful,” he revealed.

“The impact of the American raids and bombings is negligible regarding our missile and drone capabilities and in terms of continuing operations effectively to counter it, and in preventing ships associated with the Israeli enemy,” he stated.

He concluded by saying that the Yemeni armed forces are continuously escalating, and increasing capabilities to attack enemy ships. “No matter what the Americans do, they will not be able to stop us from supporting the Palestinian people in Gaza.”

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7 after the territory’s Palestinian resistance movements carried out the surprise Operation Al-Aqsa Storm.

The Yemeni Armed Forces have said they won’t stop retaliatory strikes.

The maritime attacks have forced some of the world’s biggest shipping and oil companies to suspend transit through one of the world’s most important maritime trade routes.

Tankers are instead adding thousands of miles to international shipping routes by sailing around the continent of Africa rather than going through the Suez Canal.

Since the start of Israel's genocidal war following Operation al-Aqsa Storm by Gaza-based resistance movements on October 7, 2023, more than 31,000 Palestinians, including many women and children, have lost their lives.

The Israeli military offensive has left a trail of destruction in Gaza, leaving hospitals in ruins and displacing around half of its 2.4 million residents.

Israel has additionally enforced a comprehensive blockade on the coastal sliver, severing the supply of fuel, electricity, sustenance and water to the population residing there.

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