Coronavirus cases in Saudi Arabia may reach 2 lakh, warns Minister

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

Abu Dhabi: A senior Hindi teacher at Sunrise School in Abu Dhabi has died of coronavirus, it has been confirmed. Anil Kumar, 50, passed away on Sunday morning, May 24.

The sad and shocking demise of Mr Kumar, a senior Hindi teacher of Sunrise School on May 24, has left the entire Sunrise family in a pall of gloom, read a statement.

“The management, administrators, other faculty members, students and the school as a whole is struck with intense sorrow and is speechless.

“The bond that he had developed over the years, just as how we have with each faculty, makes the loss unbearable. The entire SEPS family is shaken and finds it hard to come to terms with this most saddening news.

“Anil Kumar was a very inspiring teacher. He always brought a creative aspect to the classes he handled and would make it an enjoyable class to attend to. Mr. Anil Kumar had a great way of motivating his students to do their best, and pushed them to be the best they could be. He was a great strength and support to the Department of Hindi, always willing to scaffold and mentor students and teachers. He was a very approachable man, warm and friendly at heart and that is something I will truly miss about Mr. Anil.

“Mr Anil Kumar has left behind his wife and two children. Mrs. Rajini, his wife is also a member of the school family. She is a faculty of the maths department. Our prayers and sincere condolences to each and every one of the family. May God give the strength to endure and face this most challenging phase of their life.”

It is learnt Mr Kumar fell ill with COVID-19 and had been in hospital since May 7.

Muscat, Jan 11: Oman's Sultan Qaboos bin Said has died, Aljazeera reported citing state television on Friday.

Qaboos was 79-year-old and was ill for a long time. He has served as the ruler of Oman since 1970 when he ousted his father in a bloodless coup.

Qaboos had no children and has not publicly named his successor.

Sultan Qaboos travelled to Belgium for a week in December for what was described then as "medical checks." He returned to Oman but speculations of his deteriorating health were rife.