Riyadh \u2013 Saudi Aramco netted USD 12.35 billion, USD 1 billion more than expected, from a secondary share sale after exercising an over-allotment option, the deal\u2019s stabilizing manager said.<\/p>\n\n\n\n
A secondary sale is a sale by an existing stockholder to a third-party purchaser.<\/p>\n\n\n\n
An additional 154.5 million shares were issued in response to demand from investors, Merrill Lynch Kingdom of Saudi Arabia said, taking the total number to nearly 1.7 billion.<\/p>\n\n\n\n
The offering announced in May was the largest in the Middle East since Aramco<\/a>\u2019s record initial public offering (IPO) in 2019, bolstering Saudi Arabia\u2019s finances as it spends heavily to pivot its oil-reliant economy.<\/p>\n\n\n\n \u201cFollowing the exercise of the over-allotment option, the total offering size will be 1,699,500,000 shares, representing a total offering amount of SAR 46.31 billion (USD 12.35 billion),\u201d Merrill Lynch Kingdom of Saudi Arabia said in a statement.<\/p>\n\n\n\n Although remaining mostly state-owned, Aramco announced on May 30 that it would sell 1.545 billion shares, or about 0.64% of its issued shares, on the Saudi stock exchange.<\/p>\n\n\n\n Saudi Arabia is the world\u2019s largest crude oil exporter and the government\u2019s stake in Aramco, one of the world\u2019s biggest companies by market capitalization, is around 81.5% after the second share sale.<\/p>\n\n\n\n Read more:<\/em> Reproduction is prohibited<\/strong><\/p>\n\n\n\n Translated by Guilherme Miranda<\/strong><\/p>\nAramco: mostly state-owned<\/strong><\/h2>\n\n\n\n
Brazilian, Saudi firms ink protocols in Riyadh<\/a>
Saudi fund launches group to boost space industry<\/a><\/p>\n\n\n\n