|08 December, 2019

Boubyan Petrochemical subscribes to Aramco’s IPO shares

The subscribed shares are valued at $28.38mln

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri
Kuwait - Boubyan Petrochemical Company has subscribed to Saudi Arabian Oil Co's (Saudi Aramco) initial public offering (IPO) and was allocated 3.326 million shares.

The subscribed shares are valued at SAR 106.444 million (KWD 8.6 million), according to a bourse filing on Sunday.

“This investment will be accounted for as financial assets at fair value (FV) through profit or loss,” the company noted, adding that the transaction’s impact will reflect on the financial statements for the third quarter ending 31 January 2020.

Source: Mubasher

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