Saudi Arabia announced Thursday the launch of a secondary public offering of ordinary shares of its national oil company, Aramco.
Aramco will sell 1.545 billion shares for a price between 26.70 and 29 Saudi riyals ($7 to $7.7) per share, with the sale set to be in the region of nearly $12 billion, according to the oil major's filing with the Saudi Stock Exchange.
The company plans to sell 0.64% of its shares on the local stock exchange starting on Sunday.
'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,' said Saudi Aramco’s President and CEO, Amin H. Nasser, according to reports.
The announcement marks Aramco's second listing on the stock exchange, following its record-breaking initial public offering (IPO) in 2019 that raised $25.6 billion.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr