Saudi Arabia raises $12.3b via Aramco share sale

DUBAI:

Saudi Arabia raised a total of $12.35 billion from selling more shares in Aramco, after increasing the offering in the world’s most valuable oil company, a document seen by Reuters showed.

The success of the share sale and additional proceeds will help further fuel Saudi Arabia’s ambitions to invest in new industries and wean its economy away from oil under its Vision 2030 plan.

The kingdom raised an additional $1 billion after exercising a so-called green shoe option, according to the document, which allows banks to place more stock when there is demand from investors.

The government last month sold a 0.64% stake, or about 1.545 billion shares, in Aramco at 27.25 riyals ($7.27) a share. Another 154.5 million shares were placed via Merrill Lynch, which was acting as a stabilisation manager on the deal.