Saudi Arabia Plans Aramco Share Sale In June

Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June in what would be one of the region's biggest stock deals, two people familiar with the matter said, Hadeel Al Sayegh and Federico Maccioni reported for Reuters.

The Saudi government remains overwhelmingly Aramco's biggest shareholder, with a 90% stake, and heavily relies on its payouts. I Photo: Aramco Facebook

The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private.

The shares will be listed in Riyadh and it will be a fully marketed offering rather than an accelerated sale over a few days, they added.

Banks including Citigroup, Goldman Sachs, and HSBC had previously been lined up to manage the sale, Reuters has reported.

Saudi Arabia has embarked on an economic transition known as Vision 2030, which puts an expanded private sector and non-oil growth at the center of its future development. The Saudi government remains overwhelmingly Aramco's biggest shareholder, with a 90% stake, and heavily relies on its payouts.