Kuwait's government will invest as much as $1 billion in the initial public offering of Saudi Aramco as the kingdom asks regional allies to bolster the record share sale, according to people familiar with the matter.
The book-building process for allocating shares to institutional buyers - typically asset managers, insurers or pension funds - began on November 17 and investors have until December 4 to place orders. Aramco plans to sell 1.5% of its shares, in a deal which could raise up to $25.6bn. The Saudi oil giant has received subscription orders from institutional buyers for around 4.6 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.
Reuters quoted a statement by the exchange as saying, "Any constituent whose index weight reaches or exceeds the threshold will be capped in accordance with the set limit".
For his part, Gary Ross, founder of BlackGold Investors, said it would make sense for Riyadh to support further cuts because of the Aramco IPO; of the OPEC meeting itself, Norbert Rucker, head of commodity research at Julius Baer, said "the most likely outcome is an extension of the supply deal for another six months, wrapped in flowery communication leaving the room open for further loose compliance and policy adjustments should market conditions change".
Tadawul also says it has implemented the "Quick Entry" new rules that allow the IPO shares to be included in all-stock equity indexes at the close of the fifth trading day. The retail investment ended yesterday, but institutional investors still can purchase shares up to next week.
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This agreement is the centerpiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from oil.
The organisation, which pumps nearly a third of global oil supply, sees oil consumption in 2023 reaching 103.9 million barrels per day (bpd), down from 104.5 million bpd in last year's report.
Brent futures rose 19 cents, or 0.3%, to $61.11 a barrel by 0218 GMT, after gaining 0.7% on Monday.
OPEC's production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024, the group said in its 2019 World Oil Outlook published on Tuesday.
The veteran oil official, known as a tough negotiator, wants to ensure oil prices stay high enough for Aramco's IPO, sources said.