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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

(2222)
  Report
End-of-day quote. End-of-day quote Saudi Arabian Stock Exchange - 10/19
37.4 SAR   0.00%
10/14MOVES-M. Stanley banker who advised on Aramco IPO to join Saudi Fransi Capital-source
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10/13ARABIAN SUN : Number 39
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10/12ASIA CRUDE OIL IMPORTS STAY SOFT, BUT MIDDLE EAST IS REGAINING SHARE : Russell
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Saudi Arabian Oil : U.S. pension fund to vote against Aramco chair for Reliance board - BloombergQuint

09/24/2021 | 03:19am EDT
FILE PHOTO: Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai

BENGALURU (Reuters) - The California State Teachers' Retirement Fund (CalSTRS) has decided to vote against the appointment of Saudi Aramco's chairman as an independent director to the board of Mukesh Ambani's Reliance Industries, BloombergQuint reported.

The U.S. pension fund held 5.3 million fully and partly paid shares of Reliance Industries, as of June 30, 2020, according to the last available disclosure on its website.

CalSTRS' voting decision is based on U.S. proxy advisory research firm Glass Lewis' recommendation, BloombergQuint reported on Friday.

Reliance, owned by billionaire Ambani, had appointed Aramco's Yasir Al-Rumayyan as an independent director on July 19 in the process of formalising a deal it had struck with the Saudi Arabian company to sell 20% stake in its oil-to-chemicals business.

The shareholders' voting process to confirm Al-Rumayyan's appointment as independent director, for a period of three years, will end on Oct. 19.

Glass Lewis, which makes voting recommendations to more than 1,200 investors across the world, had recommended voting against Al-Rumayyan "based on the director's status as an independent director" of RIL, the report added.

Reliance, CalSTRS and Glass Lewis did not immediately respond to Reuters requests for a comment.

The Indian conglomerate had announced the sale for $15 billion in 2019 to Aramco, the world's top oil exporting firm, though the deal was stalled after the coronavirus crisis dented oil prices and fuel demand.

Last month, Bloomberg News reported that an agreement between Reliance and Aramco could be reached in the coming weeks. At Aramco's earnings briefing in August, Chief Executive Officer Amin Nasser had said the company was still doing due diligence on the Reliance deal.

Al-Rumayyan is the chairman of Aramco's Board of Directors and has been the governor of the Public Investment Fund of Saudi Arabia since 2015.

(Reporting by Shivani Singh in Bengaluru; Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD 0.90% 2731.85 Delayed Quote.36.38%
SAUDI ARABIAN OIL COMPANY 0.00% 37.4 End-of-day quote.6.86%
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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
More recommendations
Financials
Sales 2021 1 356 B 362 B 362 B
Net income 2021 367 B 97 907 M 97 907 M
Net Debt 2021 285 B 76 022 M 76 022 M
P/E ratio 2021 20,3x
Yield 2021 3,78%
Capitalization 7 476 B 1 993 B 1 993 B
EV / Sales 2021 5,72x
EV / Sales 2022 5,25x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
Duration : Period :
Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Last Close Price 37,40 SAR
Average target price 35,51 SAR
Spread / Average Target -5,07%
EPS Revisions
Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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