Saudi Arabia aims to raise up to $12bn from Aramco stake sale – The National

Saudi Arabia aims to raise up to $12bn from Aramco stake sale – The National

Saudi Arabia has announced plans to sell shares in its oil major Aramco, in a deal that could raise as much as 44.8 billion Saudi riyals ($11.9 billion), as the kingdom continues with its economic diversification plans.The government will sell 1.545 billion shares in Saudi Aramco, or 0.64 per cent of the company’s issued shares, with the offering set to begin on June 2, a statement said on Thursday.The price range is expected to be between 26.70 and 29 Saudi riyals per share, it said.Aramco's shares closed at 29.1 riyals on Thursday, The offering will be made to institutional investors in Saudi Arabia and globally as well as eligible retail investors in the kingdom and other GCC countries.The share sale “has the potential to increase the number of unique shareholders, and more liquidity and increase ranking in global indices”, the company said.“We believe Aramco represents an attractive proposition to investors. We have delivered on our commitments since the IPO [initial public offering], we are investing in unique, value-added growth opportunities, and we continue to maintain our focus on profitability, resilience and sustainability,” it added.Updated: May 31, 2024, 3:46 AM Saudi Arabia aims to raise up to $12bn from Aramco stake