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
Reuters
10 July, 2024
Image credit: Saudi Aramco
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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”.
