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Saudi Arabia to sell 0.64% Aramco stake as kingdom pushes to diversify its economy

Middle East News

30-05-2024 | 14:43

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Saudi Arabia to sell 0.64% Aramco stake as kingdom pushes to diversify its economy

Saudi Arabia is selling a 0.64 percent stake in oil giant Aramco as the kingdom pushes ahead with Crown Prince Mohammed bin Salman's plan to diversify the economy.

Saudi Arabia is offering 1.545 billion Aramco shares and the offering period will commence on June 2. The price range is expected to be between SAR 26.70 and SAR 29.00 per share, as per the statement on Thursday.

The offering is the culmination of a years-long effort to sell another chunk in one of the world's most valuable companies after its record-setting IPO in 2019.

Reuters

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