Serrari Group

Saudi Arabia to Enlist Wall Street Banks for Aramco's Secondary Share Sale

Saudi Arabia is poised for a significant move in its financial strategy, as it looks to enlist top Wall Street banks for a secondary share sale in Aramco, according to a recent report by Bloomberg.

In this endeavor, JPMorgan Chase & Co. is being considered as a key underwriter for the offering, alongside contenders Bank of America Corporation and Morgan Stanley. The deal, anticipated to raise up to $20 billion, has already garnered the participation of financial giants Citigroup, Goldman Sachs Group, and HSBC Holdings, under the guidance of boutique bank Moelis & Co.

While the final lineup of advisers is yet to be confirmed, sources suggest potential additions before the deal’s launch. Specifics such as the sale’s timing and offering size remain undisclosed.

This development follows Saudi Aramco’s financial disclosures, which revealed a net profit of $121.3 billion in 2023, down 24% from the previous year. Despite this, dividends surged to $97.8 billion in 2023, with a base dividend of $20.3 billion announced for Q1 2024.

As Saudi Arabia moves forward with plans to diversify Aramco’s shareholder base, global markets await the implications of this significant share sale.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

14th March, 2024

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