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Saudi Arabia may announce secondary share offering in Aramco - Reuters

AuthorSam Boughedda
Published 05/30/2024, 09:59 AM
Updated 05/30/2024, 10:00 AM
© Reuters. Saudi Arabia may announce secondary share offering in Aramco - Reuters
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According to a report from Reuters Thursday, Saudi Arabia may disclose a landmark secondary share offering in oil giant Aramco (TADAWUL:2222) later in the day.

Citing sources, the publication said the potential secondary share offering is pending final approval. However, it is expected to be launched on Sunday.

The final approval would come from Crown Prince Mohammed bin Salman.

Reuters said the offering would fulfill a years-long effort to sell another chunk of the company, which is one of the world's most valuable. Its 2019 IPO set records, raising $29.4 billion.

Reuters added that last week, its sources told them the offering could happen as soon as June, with one stating it could raise approximately $10 billion. Banks, including Citi, Goldman Sachs, and HSBC, are said to be managing the sale.

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