DUBAI, June 2 — Saudi Arabia’s sale of shares in oil giant Aramco drew more demand than the stock on offer within hours of kicking off today, a landmark deal that could...
Saudi Aramco drew more demand than the stock on offer within hours of kicking off today, a landmark deal that could raise up to US$13.1 billion in a major test of international appetite for the kingdom’s assets. — Reuters picDUBAI, June 2 — Saudi Arabia’s sale of shares in oil giant Aramco drew more demand than the stock on offer within hours of kicking off today, a landmark deal that could raise up to US$13.1 billion in a major test of international appetite for the kingdom’s assets.
The sovereign wealth fund, the Public Investment Fund , the preferred vehicle driving the mammoth agenda that has poured tens of billions of dollars into everything from sports to futuristic desert cities, is likely to be a beneficiary of the funds, they said. The banks can increase the offering by a further roughly US$1 billion. If all the shares are sold, the Saudi government will be cutting its stake in the world’s top oil exporter by 0.7 per cent.
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