*** ----> Aramco says to offer shares worth over $10 bn on Saudi bourse | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Aramco says to offer shares worth over $10 bn on Saudi bourse

AFP | Riyadh, Saudi Arabia  

The Daily Tribune – www.newsofbahrain.com

Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion in one of the biggest such offerings in recent years. In a statement posted to the Saudi stock exchange, Aramco announced a "secondary public offering of 1.545 billion shares", with an expected price range between 26.70 and 29 Saudi riyals ($7 to $7.70).

The sale on the local bourse, which represents approximately 0.64% of the company's issued shares, will commence on Sunday, Aramco said.

It is the firm's second listing after an initial public offering in December 2019 that raised $25.6 billion, the biggest flotation in history.

"The further listing of Aramco will help the government raise funds for Vision 2030 projects that aim to diversify the kingdom's economy," said Amena Bakr, senior research analyst at Energy Intelligence, predicting that more shares will be listed in the coming years.

In January, Aramco said it had been instructed to abandon a plan to increase production capacity to 13 million barrels per day, up from its current level of 12 million bpd.