Oil producer Saudi Aramco, as part of a campaign to raise funds for economic reforms, carried out a share offering on the market and sold 1.545 million shares at 26.7-29 Saudi riyals per share (between 7.1 and $7.73) in just a couple of hours.
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The proceeds, as Bloomberg writes, will be used for investments in the field of AI and the Neom “city of the future” project worth $500 billion.
The demand for shares exceeded the supply, in total 0.64% of the total share capital of Saudi Aramco was sold and the proceeds amounted to 11.94 billion dollars.
Saudi Aramco previously held an initial public offering in 2019, when the company sold shares worth $29.4 billion, with 23% of them purchased by foreign investors.
Saudi Aramco is an 82% state-owned company and its market capitalization is $1.8 trillion.
Author:
Ekaterina Alipova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
