RIYADH, May 31 (NNN-SPA) – The Saudi Arabian government, yesterday, announced that, it would sell a new stake in state oil giant, Aramco, that could raise as much as 13.1 billion U.S. dollars.
According to a statement by Aramco, Saudi Arabia is offering about 1.545 billion Aramco shares, about 0.64 percent of the company, with an expected price range between 26.70 and 29.00 Saudi riyals (7 to 7.7 U.S. dollars).
If an over-allotment, or greenshoe option, is exercised, the Saudi government could sell nearly 1.7 billion shares, or a 0.7 percent stake, which would raise the deal’s value to 13.1 billion dollars at the top end.
The sale on the local bourse will commence on Sunday, Aramco said.
The offering is part of Aramco’s years of efforts, to sell part of the company, to help diversify the country’s economy, after its record-setting initial public offering in 2019.– NNN-SPA
