Aramco will launch further share sales, says Saudi crown prince

Aramco will launch further share sales, says Saudi crown prince

Aramco will launch further share sales, says Saudi crown prince

DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, said on Thursday that oil giant Saudi Aramco would hold further share sales.

He spoke at the conference on the Future Investment Initiative conference.

Aramco, the world’s largest oil company, completed the world’s largest initial public offering at the end of 2019, selling $ 25.6 billion and later selling more shares to $ 29.4 billion.

The head of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), said on Tuesday that Aramco could consider selling more shares if market conditions are right.

Aramco’s shares fell 0.14% on Thursday at 34.75 riyals ($ 9.26), above the IPO price of 32 riyals. The closing price of Thursday valued the company at $ 1.86 billion.

Aramco’s initial public offering was seen as a pillar of economic diversification plans aimed at attracting foreign investment and reducing Saudi Arabia’s dependence on oil revenues.

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