Saudi oil giant Saudi Aramco is considering a £15 billion share sale
Share sale: Saudi Aramco advisors have been in Saudi Arabia to make final preparations for a secondary share offering
Saudi state oil giant Aramco is in the midst of another sale of its shares worth between $10 billion (£7.8 billion) and $20 billion (£15.7 billion).
Advisors have made final preparations for a secondary share offering and the final decision is expected to be made by Crown Prince Mohammed bin Salman. The deal has attracted informal investor interest of more than £7.8 billion.
The Saudi state and its sovereign wealth fund own the vast majority of Aramco, with just 1.5 percent of the company publicly traded on the kingdom’s stock exchange after its initial public offering in 2019.
The sale raised a record $29.4 billion (£23 billion), still the largest IPO in history to date. Aramco is the world’s largest oil company, but Saudi Arabia recently recorded its sixth consecutive quarterly budget deficit and forecast a deficit of £16.5 billion this year.