Aramco's 'greenshoe option' pushes IPO to record $29.4 billion

News Network
January 12, 2020

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.

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News Network
July 18,2020

Dubai, July 18: An NRI student who passed away in Dubai shortly after shortly after attempting his Central Board of Secondary Education (CBSE) Grade 12 papers in March, has scored an impressive 91.4 per cent on his board examinations, including 100 in his media studies paper.

Ahmed Ziyad, a student of GEMS Our Own Indian School in Al Qouz, Dubai, died on March 19, suffered a heart condition called Hypertrophic cardiomyopathy (HCM) that stopped him from being active in sporting activities.

Ziyad's parents, teachers, and classmates remember him as a very ambitious pupil, who wanted to launch his own business and achieve great things in his life. His board results are - mass media studies 100, Marketing 97, English 84, Entrepreneurship 82, and Home Science 94.
 
Ziyad's father, Shanavaz Manangath, a real estate professional who has been a resident of Dubai for over two decades said, "Six months ago, he had collapsed while playing with his friends. Since there was an irregularity in his heartbeat, he could not take part in any strenuous activities." He added, "Ziyad had just started playing with his friends on March 19 when he suddenly collapsed and died shortly after. My family has not been able to overcome his loss."

Unable to hold back his tears, an emotional Manangath said Ziyad wanted to do his BBA and launch his own business, "He was very ambitious. Honestly, I haven't looked into his board exam results, but, I know he had studied very hard for the exams."

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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Saudi Gazette
May 27,2020

Riyadh, May 27: Following the announcement of easing of lockdown measures, which includes reopening of all mosques for daily congressional as well as Friday prayers across the Kingdom except the holy city of Makkah, the Ministry of Islamic Affairs, Call and Guidance has set mandatory guidelines.

In a circular issued to mosque staff, Minister of Islamic Affairs, Call and Guidance Sheikh Abdullatif Al-Asheikh has instructed that all mosques must comply with the following precautionary measures and instructions:

1. Open mosques 15 minutes before the Adhan and close them 10 minutes after prayer

2. Reduce the waiting period between the Adhan and Iqamah to 10 minutes

3. Open windows and doors from entering time to the end of the prayer

4. Remove copies of Holy Qur’an and other books temporarily from mosques

5. Ensure attendees keep a distance of two meters between each other

6. Ensure one space is left between each row

7. Close all water coolers and refrigerators

8. Do not allow distribution of water or food in mosques

9. Close toilets and places of ablution

Precautionary measures on Friday prayers are as follows:

1. Open mosques 20 minutes before Friday prayer and closing them 20 minutes after prayer.

2. Friday sermon with prayer should not exceed 15 minutes.

The circular also stipulates to keep the suspension of the religious courses, programs and lectures, as well as the memorizing Holy Qur'an sessions in the mosques and to continue education and lectures remotely until further notice.

The circular pointed out that the imams of mosques should urge the worshipers to take the following precautionary measures:

1. Wear a face mask

2. Bring their own prayer rugs and not leave them after the prayer

3. Prevent accompanying children under 15 years of age from entering mosques

4. Perform ablution at home

5. Avoid crowding when entering or exiting mosques

Meanwhile, the spokesman of the Ministry of Interior clarified later in the day that people are allowed to perform congressional prayers in their locality during the time of curfew.

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