Saudi Arabia plans to sell additional shares of Saudi Aramco for $10 billion
By Alimat Aliyeva
Saudi Arabia may return to the plan of additional placement of shares of the Saudi Aramco oil company as early as February, Azernews reports, citing foreign media outlets.
According to sources, the country's authorities are working with a group of consultants, hoping to attract at least 40 billion Saudi riyals ($10 billion) by selling shares of the company on the Riyadh stock exchange.
A final decision on the timing of the placement has not yet been made, the Saudi authorities may postpone this process again, the sources said.
Saudi Arabia conducted the Aramco IPO in 2019, placing shares
worth about $30 billion at that time.
The company's capitalization is just over $2 trillion. The Saudi
government directly owns about 90% of Aramco shares, and another 8%
of the company's shares are managed by the sovereign wealth fund
Public Investment Fund (PIF).
Aramco shares fell by 2.2% at the end of trading on Wednesday, to 30.6 riyals. Over the past 12 months, their value has increased by 3.3%.
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