
Saudi Aramco IPO Is Announced - aaronbrethorst
https://www.nytimes.com/2019/11/03/business/dealbook/aramco-ipo.html
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JMTQp8lwXL
> Much of the proceeds from the offering are not likely to flow to Aramco’s
> operations but into the Public Investment Fund, a sovereign wealth fund that
> is evolving into Prince Mohammed’s main vehicle for shifting the Saudi
> economy from its reliance on oil.

Why I would to invest in a company that the state is looking to actively
divest from? They're telling us they don't believe in the future of this
company.

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perl4ever
Well,

a) They are only selling about 5%, so they are not divesting themselves of the
vast majority, for now.

b) "Saudi Arabia is pressuring wealthy families to buy in to the initial
public offering of its state oil giant, as part of a plan to achieve the $2tn
valuation coveted by Crown Prince Mohammed bin Salman... Many of the families
targeted had members previously imprisoned in Riyadh’s Ritz Carlton hotel in
2017 and 2018, in what the government billed as a crackdown on corruption.
Some of the detainees said they were tortured, according to people aware of
the matter. Most were later freed after they reached financial settlements
with the state."

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JMTQp8lwXL
Hearing that people are pressured to buy it, to ensure its success, further
diminishes my confidence in it. I agree that 5% is pretty minimal.

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ilrwbwrkhv
cant read. so many popups and banners.

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hootbootscoot
and then a paywall behind it all... boring. next.

vis-a-vis Aramco, so some heavy duty carbon emitters are preparing to emit a
crap-ton more carbon and arranging financing accordingly.

dislike.

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perl4ever
If you assume they are selling stock, because like in most cases, they expect
it to be worth less in the future, then it follows they may be preparing to
emit a crap-ton _less_ carbon in the future and want other people to be
holding the bag.

