Reported 4 months ago
Saudi Arabia announced the sale of a new portion of stock in Aramco, its state oil giant, with 1.545 billion shares offered at $7.12 to $7.73 each, totaling around $11.9 billion. The sale will commence with institutional investors on Sunday and retail investors on Monday. With a market value of $1.8 trillion, Aramco aims to diversify Saudi Arabia's economy by involving sovereign wealth funds. Despite a 12% decrease in shares this year, Aramco remains a significant player in the global market, producing cheap crude oil from its desert reserves.
Source: YAHOO