Saudi Arabia is selling roughly $12bn worth of shares in its national oil company Saudi Aramco, as the kingdom seeks further capital for its sovereign wealth fund.
The Saudi government will sell at least 1.545bn shares, or 0.64 per cent, of the world’s largest oil company at a price between SR26.7 and SR29.
The Saudi kingdom also has the option to sell up to an additional 154.5mn shares at the final price. If the option is exercised in full, it would net the kingdom an additional $1bn.
Amin Nasser, the chief executive of Saudi Aramco, said the timing of the sale had been decided by the government, but that the offering was an opportunity for the company to broaden its international investor base. He declined to name any anchor investors in the offering, saying the process would begin on June 2 and end on June 6.
“This transaction provides an opportunity for current and new investors to build a sizeable position in Saudi Aramco at a price where we believe the company offers attractive value and growth to our shareholders,” he said, adding that Aramco had paid out $98bn in dividends in 2023 and expects to pay out $124bn this year.
No comments:
Post a Comment