The Saudi Arabian government is selling shares in the oil company Aramco worth 11.2 billion dollars, or about 10.28 billion euros, as part of its plan to reform the country’s economy. The government will sell 1.55 billion shares at a price of 6.67 euros, with the share price previously being around 29 rials, which generated good demand from foreign investors. Bloomberg reported that the offer book was quickly filled last Sunday and the sale is expected to proceed as planned, ending on Thursday.
Aramco is the world’s largest oil company and attracts investors with its generous dividends amounting to about 124 billion dollars annually. The company’s market value is just under 2000 billion dollars, making it one of the largest in the world and briefly the most valuable in the world in the spring of 2022. Currently, companies like Microsoft, Nvidia, and Apple have market values slightly over three thousand billion dollars.
The Saudi Arabian government owns 82 percent of Aramco, with the Public Investment Fund owning 16 percent. The sales proceeds are expected to be used for economic reforms in the country.
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