Saudi Aramco's weight to rise to 0.77% on including 450 mln over-allotment shares: FTSE Russell

Saudi Arabian Oil Co.'s (Saudi Aramco) weight in the FTSE Russell Secondary Emerging Markets (EM) index will increase from 0.51% to 0.77% on including the additional 450 million shares, which were allocated by Saudi Aramco to investors as bonus shares during the book-building process, FTSE Russell said in a statement.

According to FTSE Russell, Saudi Aramco's weight will be included in its index during the second tranche of the fifth phase of Tadawul’s inclusion on June 22, 2020.

Saudi Aramco joined the FTSE Russell Emerging Market Index as of Dec. 23, 2019, Argaam reported.

The oil giant weight was expected to reach 0.63% in the review on June 22, before adding the over-allotment shares.

Saudi Aramco allocated 450,000,000 shares subject to the over-allotment option to investors during the book-building process.

Given that no stabilisation transactions were undertaken by the stabilizing manager during the stabilisation period, Saudi Aramco said the total offering size reached 3.45 billion shares.