Markets Brief: Aramco retail fully sold, Manchester City sells stake, oil cuts

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The retail portion of Saudi Aramco’s initial public offering (IPO) is now fully subscribed, according to Samba Capital, the lead manager of the deal. Meanwhile, Manchester City’s owners City Football Group announce the conclusion of a $500 million investment deal. Egyptian pharmaceutical firm Rameda also provided its own IPO news with an announcement that it would float 49 percent of its shares on the country’s stock exchange.

Al Arabiya English has provided a news brief on all of this and more from global markets to developments in the Middle East.

Retail subscriptions for Saudi Aramco’s IPO had reached 32.6 billion riyals ($8.69 billion) by Wednesday evening, according to lead manager Samba Capital. With 1,017,816,380 shares sold, the retail portion of Saudi Aramco’s IPO has been fully covered at 102 percent.

Manchester City’s Abu Dhabi-owned City Football Group (CFG) announced that it has concluded an investment deal with American firm Silver Lake. The private equity firm will invest $500 million for just over 10 percent of the company’s post-investment value in a deal which values CFG at $4.8 billion.

The Organization of Petroleum Exporting Countries (OPEC) and non-member allies, otherwise known as OPEC+, are expected to keep their current output cut agreement in place, according to analysts. Industry analysts also suggested that some of the biggest producers are in favor of prolonging the existing oil output cut agreement.

The trend towards “green” or sustainable investing gathers more pace, with Jeddah-based Islamic Development Bank now set to raise 1 billion euro ($1.10 billion) in green sukuk, an Islamic bond.

Egypt’s Rameda Pharmaceutical said it would float 49 percent of its shares on the Egyptian stock exchange to raise up to 1.755 billion pounds ($109 million). The company expects to start trading on December 11.

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