Metro Inc. ends fiscal year with Q4 profit rising 15.4 per cent on higher sales
MONTREAL — Metro Inc. ended its fiscal year with net earnings rising 15.4 per cent to $167.4 million in the fourth quarter on higher revenues. The Montreal-based grocery and pharmacy chain says it earned 66 cents per diluted share for the period ended Sept. 28, up from 56 cents per share or $145 million a year earlier. Excluding one-time items, Metro earned $174 million or 68 cents per share in adjusted profits, compared with $161 million or 63 cents per share a year ago.Revenues increased 3.3 per cent to $3.86 billion, from $3.74 billion as food same-store sales climbed 4.1 per cent and pharmacy same-store sale were up 3.4 per cent.
Saudi Arabia's state-owned oil company Aramco on Thursday set a share price for its IPO — expected to be the biggest ever — that puts the That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $ 25 billion in
Saudi Aramco 's share offering values it at .7 trillion, making it the biggest in the world AFP/File. Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $ 25 . 6 billion, two sources told AFP.
DUBAI, United Arab Emirates — Saudi Arabia's state-owned oil company Aramco on Thursday set a share price for its IPO — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft.
The company said it will sell its shares at 32 riyals ($8.53) each, putting the overall value of the stake being sold at $25.6 billion. That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $25 billion in 2014.
Aramco, which pumps and produces Saudi Arabia’s crude oil to the world, is floating a 1.5% stake in the company, or 3 billion shares. Trading is expected to happen on the Saudi Tadawul stock exchange by mid-December.
Departmental review finds no 'credible' link between Saudi arms exports and human rights abuses
Global Affairs Canada says it has found no credible evidence linking Canadian exports of military equipment to human rights violations by the government of Saudi Arabia — and it has another 48 applications for permits to export military equipment to the kingdom ready for government approval — a newly released document shows.These revelations are part of a departmental briefing note for then-Minister of Foreign Affairs Chrystia Freeland dated Sept. 17, 2019.
(Bloomberg) -- Saudi Aramco raised $ 25 . 6 billion from the world’s biggest initial public offering , closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the oil -rich nation. The state-owned oil giant set the final price of its shares at 32 riyals
Saudi Arabia’s giant state-owned oil company , Saudi Aramco , on Thursday set the price of its initial public offering at a level that will raise $ 25 . 6 billion, a sum that is expected to make it the world’s biggest I.P.O., according to two people briefed on the pricing plan .
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The company is selling a 0.5% stake to individual investors, who are Saudi citizens and residents of Saudi Arabia, and 1% to institutional investors, which can be sovereign wealth funds, asset managers and government-run pension programs.
The IPO price is at the top of the range that Aramco had sought. It had been looking for between 30 to 32 riyals each, or $8 to $8.53 a share.
Aramco said Thursday the offering drew heavy demand.
Its financial advisers had said earlier that most orders were coming from Saudi funds or companies, with foreign investors— including from neighbouring Gulf Arab states— accounting for only 10.5% of the bids. It was not immediately known what the final breakdown was.
Experts dispute Canada’s claim of no link between Saudi arms sales and human rights abuses
Last September, video from Houthi-run Al Masirah TV and Al Jazeera showed what appear to be Canadian-made LAVs.“There is no substantial risk that current Canadian exports of military equipment or other controlled items to KSA would result in any of the negative consequences,” reads a memo from Global Affairs addressed to former foreign affairs minister Chrystia Freeland.
Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $ 25 . 6 billion, two sources told Aramco 's market debut is intended to help diversify Saudi Arabia's economy away from its overwhelming reliance on petroleum.
(Bloomberg) -- Saudi Aramco raised $ 25 . 6 billion from the world’s biggest initial public offering , closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the oil -rich nation.The state-owned oil giant set the final price of its shares at 32 riyals.
The sale of a sliver of the oil behemoth generated global buzz since Crown Prince Mohammed bin Salman first announced plans for it more than two years ago.
The kingdom’s plan to sell part of the company is part of a wider economic overhaul aimed at raising new streams of revenue for the oil-dependent country. This as oil prices struggle to reach the $75 to $80 per barrel price range that analysts say is needed to balance Saudi Arabia’s budget. Brent crude is trading at just over $63 a barrel.
Prince Mohammed has said listing Aramco is one way for the kingdom to raise capital for the country’s sovereign wealth fund, which would then use that money to develop new cities and lucrative projects across Saudi Arabia.
Despite the mammoth figures involved in the IPO, they are not quite what the crown prince had envisioned based on his own remarks over the past two years. He’d previously talked about a valuation for Aramco of $2 trillion and a flotation of 5% of the company involving a listing on a foreign stock exchange. There are no immediate plans for an international listing.
Alibaba shares jump more than 7% in Hong Kong debut, in world's largest listing so far in 2019
Shares of Chinese e-commerce giant Alibaba saw a strong debut in Hong Kong on Tuesday morning, after pricing its shares at 176 Hong Kong dollars (approx. $22.5) apiece, becoming the world's largest listing so far.Hong Kong-listed shares of Alibaba surged more than 6% around the open at 9:30 a.m. HK/SIN, before hitting an early intraday high of 189.50 Hong Kong dollars per share. It last traded around 7% higher than its listing price, as of 9:40 a.m. HK/SIN.
The result is likely to be the biggest initial public offering ( IPO ) in history. It will also prove to be a The reasons for listing Aramco have not changed. Saudi Arabia needs to move beyond oil Concerns about legal liabilities undermined plans for a listing in London, New York or on another global bourse.
Saudi Aramco raised $ 25 . 6 billion from the world’s biggest initial public offering , closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans Saudi Arabia had been pulling out all the stops to ensure the IPO is a success. It cut the tax rate for Aramco three times
Aramco said Thursday it would retain the option of an even bigger offering of a 3.45 billion share sale, representing $29.4 billion.
Despite Aramco’s profitability, the state’s control of the company carries a number of risks for investors. Two key Aramco processing sites were targeted by drones and missiles in September, an attack that was claimed by Iran-backed Houthi rebels in neighbouring Yemen but which the U.S. blamed on Iran. Iran denies the allegation.
The Saudi government also stipulates oil production levels, which directly impacts Aramco’s output.
On Thursday, the countries that make up the OPEC oil-producing cartel — led by heavyweight Saudi Arabia— were meeting in Vienna to decide whether to cut down on their production and push up prices of fuel and energy around the world.
Aya Batrawy, The Associated Press
Saudi Aramco starts trading, gaining 10% and reaching $1.8T .
RIYADH, Saudi Arabia — Saudi Arabia's oil company Aramco began trading for the first time on Wednesday, gaining 10% in its first moments on the market in a dramatic debut that pushed its value to $1.88 trillion, higher than any other listed company in the world. The state-owned oil giant started trading on the Saudi Tadawul stock exchange after a mammoth $25.6 billion initial public offering that set the record as the biggest ever in history. Trading for Aramco shares began at 10:30 a.m. in Riyadh. Aramco, owned by the state, has sold a 1.5% stake, pricing its shares before trading at 32 Saudi riyals, or what is $8.53.