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.<\/p>\n
According to Aramco’s filing on Riyadh’s Saudi Exchange<\/a>, 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Fuel Prices are Lowered By the UAE in June.\u00a0\u00a0<\/a><\/p>\nAlso Read:<\/strong><\/h4>\n