The biggest mystery is how Aramco tries to explain plans for the massive dividend it gives to the government and how it will determine the dividend for non-government shareholders.
The document contains only six slides of content, and those provide little information of value and add nothing new. It is clearly designed as an introduction for those equity investors considering a future publicly traded Aramco but are unfamiliar with the company. It is clear the company will provide more information to potential investors as it progresses toward an initial public offering.
and unique issues Aramco must address in the leadup to its IPO. What the company provides at the end of the slide deck on a slide entitled “Dividend Prioritisation Mechanism” is vague, to say the least.“The Board has sole discretion to declare dividends, based on the dividend policy, financial performance and balance sheet targets. The Board will declare an intention to distribute an annual base dividend of $75 Bn for 2020.
Moreover, the slide states that the dividend will be set at $75 billion for next year. This is not a statement of dividends per share. It is a statement of the sum of dividends. It sounds like a huge number, but potential investors really want to know how much they will get in dividends . This sum total of $75 billion does not clarify this at all.
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