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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  The Saudi British Bank    1060   SA0007879089

THE SAUDI BRITISH BANK

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Saudi auto services firm raises $50 million to invest in Aramco IPO

12/04/2019 | 01:32am EST

Saudi Automotive Services Co said on Wednesday it is raising 190 million riyals ($50.67 million) in debt to invest in the initial public offering of state-owned oil giant Saudi Aramco.

Saudi Automotive Services said the loan proceeds will help diversify its investments by subscribing to Aramco's shares. SABB Bank provided the medium term financing, it said.

Saudi banks have been offering easy loans to retail investors to bid for shares in Aramco, the crown jewel of the Saudi economy and the world's most profitable company.

Aramco plans to sell up to 1.5% of its shares in an IPO that is expected to raise up to $25.6 billion. The offer is oversubscribed, with orders from institutional investors worth more than $50 billion so far.

Some financial institutions have offered loans at four times their usual limits and others have set no ceiling on the amount clients deemed creditworthy could borrow to raise funds for the IPO, sources previously told Reuters.

Institutional buyers - which typically include asset managers, insurers or pension funds - have until 1700 Saudi time on Dec. 4 to place orders.

At the end of last week, Saudi companies accounted for 54% of the institutional book, one of the banks running the IPO said.

(Reporting by Davide Barbuscia; editing by Jane Wardell)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.38% 54.98 Delayed Quote.9.17%
SAUDI ARABIAN OIL COMPANY 0.43% 34.95 End-of-day quote.-0.14%
SAUDI AUTOMOTIVE SERVICES COMPANY 0.00% 31.3 End-of-day quote.1.62%
THE SAUDI BRITISH BANK 1.38% 25.8 End-of-day quote.4.37%
WTI -0.10% 52.268 Delayed Quote.11.60%
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Financials
Sales 2020 9 001 M 2 400 M 2 400 M
Net income 2020 -4 102 M -1 094 M -1 094 M
Net Debt 2020 - - -
P/E ratio 2020 -26,3x
Yield 2020 0,34%
Capitalization 53 014 M 14 132 M 14 134 M
Capi. / Sales 2020 5,89x
Capi. / Sales 2021 5,77x
Nbr of Employees 4 537
Free-Float 43,4%
Chart THE SAUDI BRITISH BANK
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The Saudi British Bank Technical Analysis Chart | 1060 | SA0007879089 | MarketScreener
Technical analysis trends THE SAUDI BRITISH BANK
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 26,76 SAR
Last Close Price 25,80 SAR
Spread / Highest target 31,0%
Spread / Average Target 3,73%
Spread / Lowest Target -12,8%
EPS Revisions
Managers and Directors
NameTitle
David Robert Dew Managing Director & Executive Director
Lubna Suliman Al-Olayan Chairman
Robin Jones Chief Operating Officer
Mathew Pearce Chief Financial Officer
Khalid bin Abdullah Abdul Al-Molhem Non-Executive Director
Sector and Competitors