Aramco Mulls Shares for Saudi Citizens

Aramco Mulls Shares for Saudi Citizens

Oil giant Saudi Aramco is reportedly considering offering shares to citizens of Saudi Arabia as it prepares for an initial public offering (IPO) that could be the biggest the world has ever seen, Oil Price wrote.

The oil company has discussed methods to structure the sale so that retail investors in Saudi Arabia can buy shares for less than those bought for international exchanges, as Bloomberg informed.

The company looks to sell its shares as part of plans by Deputy Crown Prince, Mohammed bin Salman, to set up the world’s biggest sovereign wealth fund and reduce the economy’s reliance on hydrocarbons.

A final decision on the share pricing has not been made yet, however, Aramco could be valued at more than $2t in the sale.

In previous news, US based boutique investment bank, Moelis & Co, was recently chosen as the sole independent adviser for the planned IPO, as reported by Financial Times.

Mariana Somensi 890 Posts

Mariana holds a Journalism Bachelor Degree from the State University of Londrina, Brazil. The Brazilian journalist has 4 years of experience on the MENA region's affairs and over a year of experience on the oil and gas industry.

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