|12 December, 2019

Kuwait's Boubyan Petrochemical exits stake in Aramco

Boubyan sold nearly 3.326 million Saudi Aramco shares

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image used for illustrator purpose

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image used for illustrator purpose

REUTERS/Maxim Shemetov

Kuwait -Boubyan Petrochemical Company has sold its entire shares in Saudi Arabian Oil Co (Saudi Aramco), just after two sessions, profiting KWD 1.6 million ($5.3 million), according to a bourse statement.

Boubyan sold nearly 3.326 million Saudi Aramco shares for KWD 10.2 million ($33.6 million), the oil company said in a disclosure to Boursa Kuwait.

The profit resulting from the sale will be included in the financial results of its third quarter to 31 January 2020, Boubyan said.

Earlier this week, Boubyan has subscribed to Aramco’s initial public offering (IPO), with allocated shares valued at KWD 8.6 million.

Saudi Aramco’s stock surged by 9.4% to hit SAR 38.55 per share, taking the oil giant’s valuation beyond $2 trillion at the opening of the second day of trading.

Source: Mubasher

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