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Saudi Arabia plans Aramco share sale as soon as June: sources

by Riah Marton
in Lifestyle
Saudi Arabia plans Aramco share sale as soon as June: sources
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SAUDI Arabia is planning a multi-billion-US dollar share sale in energy giant Aramco as soon as June in what would be one of the region’s biggest stock deals, two people familiar with the matter said.

The offering could raise around US$10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private.

The shares will be listed in Riyadh and it will be a fully marketed offering rather than an accelerated sale over a few days, they added.

The government’s communication office and Aramco did not immediately respond to a request for comment.

Banks including Citigroup, Goldman Sachs and HSBC had previously been lined up to manage the sale, Reuters has reported.

Saudi Arabia has embarked on an economic transition known as Vision 2030, which puts an expanded private sector and non-oil growth at the centre of its future development.

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The Saudi government remains overwhelmingly Aramco’s biggest shareholder, with a 90 per cent stake, and heavily relies on its payouts.

Aramco expects to pay US$31 billion in dividends, the company said earlier this month, despite reporting lower earnings for the first quarter amid lower oil prices and volumes sold.

Since its initial public offering in 2019, the world’s biggest IPO, Aramco shares have risen from an IPO price of 32 riyals (S$11.52) to a high of 38.64 riyals a year ago. Its shares closed at 29.95 riyals on Thursday. REUTERS

Tags: ArabiaAramcoJunePlansSaleSaudiShareSources
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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