Home Industry Finance Saudi Arabia raises $12bn from Aramco’s share sale The government sold a 0.64 per cent stake in Aramco last month, with an additional 154 million shares available for stabilising manager Merrill Lynch by Reuters July 10, 2024 Image credit: Saudi Aramco Saudi Arabia has raised a total of $12.35bn from a secondary share sale in Aramco after the state oil giant exercised an over-allotment option, a document seen by Reuters showed. The deal is the culmination of a years-long effort to sell another chunk of one of the world’s most valuable companies after Aramco’s record-setting initial public offering in 2019. It comes as the kingdom seeks to generate more funds to advance its economic diversification plan, “Vision 2030”. Read: Saudi Aramco returns to debt market with three-tranche dollar bond sale Tags aramco Initial Public Offering Merrill Lynch Saudi Arabia Secondary offering You might also like IMF slashes 2025 Saudi Arabia growth forecast on extended oil production cuts Aramco to set up minerals exploration, mining JV with Ma’aden Saudi Arabia’s flyadeal set to order Airbus A330neo jets Saudi Arabia’s PIF completes acquisition of 23.08% stake in Saudi Re
