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Shares of Saudi oil giant Aramco rise after stock sale expected to raise $11.2 billion – NBC Connecticut

The shares were trading around 28.85 Saudi riyals ($7.69) on the Saudi Tadwul Stock Exchange at 1:40 p.m. local time (6:40 a.m. ET), above the offer-to-sell price of shares of 27.25 Saudi riyals.
There appears to be no shortage of demand for this secondary offering, which is expected to net the national oil company around $11.2 billion.
It comes as Saudi Arabia pursues ambitious plans to diversify its economy away from oil under Crown Prince Mohammed bin Salman's Vision 2030 programme.

Shares of Saudi Arabia's Aramco rose Sunday following a stock sale expected to net the national oil company about $11.2 billion.

The shares were trading around 28.85 Saudi riyals ($7.69) on the Saudi Tadwul Stock Exchange as of 1:40 p.m. local time (6:40 a.m. ET), above the stock's offer-to-sell price of 27.25 Saudi riyals. The price was at the lower end of the initial range of 26.70 to 29 Saudi riyals.

It appears that demand for the secondary offering, which was announced on May 30. Citing sources, Reuters reported that request for offer exceeded $65 billion and Aramco placed more than half of the sale with foreign investors. CNBC was unable to verify the information.

It comes as Saudi Arabia pursues ambitious plans to diversify its economy away from oil under the leadership of Crown Prince Mohammed bin Salman. Vision 2030 program.

However, the plan which includes a series of “gigaprojects” comes at a high price, with its crown jewel, the futuristic city of Neomwhich alone is expected to cost around $500 billion.

Meanwhile, oil remains volatile, with prices falling for the third week as the uncertain demand outlook continues to weigh and investors pushing back expectations for a reduction in interest rates by the US Federal Reserve.

CNBC's Ruxandra Iordache contributed to this report.

Sources

1/ https://Google.com/

2/ https://www.nbcconnecticut.com/news/national-international/saudi-oil-giant-aramcos-shares-rise-after-stock-sale-set-to-raise-11-2-billion/3309228/

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