RIYADH, May 31 (Bernama-Xinhua) -- The Saudi Arabian government on Thursday announced that it would sell a new stake in state oil giant Aramco that could raise as much as US$13.1 billion, reported Xinhua.
According to a statement by Aramco, Saudi Arabia is offering about 1.545 billion Aramco shares, about 0.64 per cent of the company, with an expected price range between 26.70 and 29.00 Saudi riyals (US$7 to 7.7).
If an over-allotment, or greenshoe option, is exercised, the Saudi government could sell nearly 1.7 billion shares, or a 0.7 per cent stake, which would raise the deal's value to US$13.1 billion at the top end.
The sale on the local bourse will commence on Sunday, Aramco said.
The offering is part of Aramco's years of efforts to sell part of the company to help diversify the country's economy after its record-setting initial public offering in 2019.
--BERNAMA-XINHUA
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