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Business News

Saudi Aramco surpasses Alibaba in world’s largest IPO, raises $25.6 billion

Saudi Arabia’s state-controlled oil firm, Aramco has raised $25.6 billion in the largest Initial Public Offering (IPO) ever.

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The world’s most profitable company keeps delaying its IPO , Saudi Aramco in the world’s largest IPO raises $25.6 billion surpasses Alibaba

Saudi Arabia’s state-controlled oil firm, Aramco has raised $25.6 billion in the largest Initial Public Offering (IPO) ever, putting the value of the company at $1.7 trillion, higher than Apple ($1.2 trillion), Microsoft and Alibaba ($1.1 trillion).

According to Punch, the IPO was launched on Thursday, with pricing at the high end of the target range, raising $25.6 billion but falling short of the $2 trillion mark set by Crown Prince Mohammed Bin Salman. Aramco will reportedly begin the trading of 3 billion units of shares on the 12th of December, on the local Tadawul Stock Exchange at a starting price of $8.53.

Meanwhile, with the IPO accounting for just 1.5% of Saudi Aramco’s authorized share capital, the oil giant surpassed the $25 billion raised by the Chinese online trading group Alibaba by $0.6 billion when it debuted on Wall Street in 2014.

Saudi Aramco in the world’s largest IPO raises $25.6 billion surpasses Alibaba

Crown Prince Mohammed Bin Salman

However, it was reported that most of the new shareholders are mostly Saudis, as investors around the world have remained unsure about investing in the state-controlled oil firm due to concerns around transparency, governance practices, security and targeted valuation, as well as profitability in the face of harsh environmental policies around the world.

Saudi Aramco, which is expected to raise additional funds from international markets disclosed that it depended on the reception the company received on the local Tadawul Stock Exchange. In a bid to lure investors, Aramco pledged to pay $75 billion in dividends in 2020, promising additional free shares if investors hold their shares for some time.

[READ MORE: Lessons for Nigeria from Saudi Aramco]

The company’s share price is expected to continue to rise as Prince Mohammed viewed the stock offering as a critical component of “Vision 2030,” a program to diversify the Saudi economy and shift Aramco from an oil-producing company into a global industrial conglomerate.

Aramco had earlier announced retail subscriptions, as at November 28, clocked about 11.5 billion euros, with nearly five million subscribers and almost 1.5 billion shares sold exceeding the company’s target of one billion shares.

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Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

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Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

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Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

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President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

 

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

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