Wirth opens registration for world-class traditional arts programs in Riyadh    MWL chief welcomes Uzbek official, hails Center's efforts in promoting Islamic values    Etidal and Telegram remove over 30 million extremist posts in Q2 2025    HR Ministry launches 'Skills Week' to empower youth and align talent with labor market needs    Saudi Arabia operates 10 renewable energy projects with SR19.8 billion in investment by end of 2024    Saudia posts 7.2% passenger growth in H1 2025, leads global punctuality    Al-Khateeb hails Taif's tourism appeal as Saudi Summer 2025 gets underway    Housing-starved Hong Kong turns Covid quarantine site into hostel    Trump to meet NATO secretary general as plan takes shape for Ukraine weapons sales    Trump defends US Attorney General Pam Bondi over Epstein files    At least 30 killed in sectarian clashes in Syria    SA police minister suspended over organized crime allegations    Jeddah exhibition showcases 500 years of Makkah and Madinah imagery    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Chelsea defeat PSG 3-0 to win first expanded Club World Cup    France's Lady Liberty artwork goes viral as a new Statue of Liberty could be in the works    Theo Hernández: Al Hilal can compete with Europe's best    Abdullah Al-Qaisoom wins silver at Asian Youth and Junior Weightlifting Championship    SFDA approves 'Winrevair' for rare pulmonary hypertension treatment    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Brazil's Petrobras launches biggest share sale in history
Published in Saudi Press Agency on 24 - 09 - 2010

Brazilian oil giant Petrobras is set to launch the world's biggest market capitalization, with a planned sale of new shares worth almost 120.3 billion reais (70 billion dollars), according to dpa.
The state-run company set a price of 26.30 reais for preferred shares and 29.65 reais for ordinary stock late on Thursday, paving the way for the sale.
Trading was due to begin on Friday in New York, and in Brazil itself on Monday.
Brazilian President Luiz Inacio Lula da Silva said Thursday the move marked the "biggest capitalization by a company in the history of capitalism."
He had previously described the discovery of large-scale oil resources off the Brazilian coast as a "gift of God" which signified the second independence of the country.
The Brazilian government, which already holds the majority of voting rights in the company, is the biggest beneficiary of the capital increase, as it is set to increase its current 40-per-cent stake in Petrobras.
In an exchange deal, the state will receive shares worth 43 billion dollars in exchange for the rights to the off-shore production of five billion barrels of oil.
Petrobras plans to invest up to 224 billion dollars of the newly raised capital to explore oil reserves off the Brazilian coast.
However, the exploration is expected to be technologically difficult as the oil fields are located at a depth of up to 7,000 metres and below heavy layers of salt.


Clic here to read the story from its source.