According to Reuters, Saudi Arabia is set to launch a multi-billion-dollar share sale in energy giant Aramco as soon as June, aiming for one of the region’s largest stock deals. The sale could raise around $10 billion, according to sources familiar with the matter, who noted that preparations are ongoing and details may still change.

The shares will be listed in Riyadh and will be a fully marketed offering rather than a quick sale, the sources said. The government and Aramco have yet to comment.

Major banks like Citigroup, Goldman Sachs, and HSBC are expected to manage the sale, as reported by Reuters.

This move is part of Saudi Arabia’s Vision 2030, an ambitious plan to diversify the economy and boost the private sector. The government holds a majority stake of 82% in Aramco and relies on its payouts.

Despite lower first-quarter earnings due to decreased oil prices and sales volumes, Aramco plans to pay $31 billion in dividends.

Since its record-setting IPO in 2019, Aramco shares have shown resilience, rising from an initial price of 32 riyals to a peak of 38.64 riyals last year. On Thursday, the shares closed at 29.95 riyals.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *