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 PIF-backed Lucid says stock sale will provide ‘cash runway’ well into 2026 Saudi Arabia’s PIF sets up company to build staff accommodation Saudi Arabia’s United International Holding to sell 30% stake via IPO Tahaluf’s Rachel Sturgess on how Cityscape Global aligns with Saudi’s ambitious vision