Friday, June 21, 2024
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Aramco Shares Will be sold Again by Saudi Arabia with the Potential to Raise $13.1 Billion

In a historic agreement to help finance the kingdom’s economic diversification strategy, the Saudi Arabian government filed documents on Thursday to sell a new stake in the state oil juggernaut Aramco, with the potential to raise as much as $13.1 billion.

According to Aramco’s filing on Riyadh’s Saudi Exchange, the main portion of the deal could raise $12 billion if Saudi Arabia offers roughly 1.545 billion Aramco shares, or roughly 0.64 percent of the company. If the sale is priced at the top end of a range of 26.7 ($7.12) to 29 riyals.

Under a so-called “greenshoe option,” which would permit the sale of approximately 1.7 billion shares, or 0.7 percent of the company, the deal’s value could increase to $13.1 billion at the highest point. With this option, bankers can use shares to keep the offering price stable.

Investors highly anticipated the sale of shares, as the energy giant aimed to expand its customer base and raise capital to accelerate Saudi Arabia’s economic diversification initiative.

After the announcement, we have the chance to expand our shareholder base by including both Saudi and foreign investors,” Aramco CEO Amin Nasser told reporters over the phone.

Also Read:

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To Promote Economic Growth, Saudi Arabia is Fortifying its Industrial Ties with the Netherlands.

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Friday, June 21, 2024

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