One percent stake in Saudi Aramco to be sold to an undisclosed firm described by the crowned prince of Saudi Arabia, Mohammed bin Salman, as a “leading global energy company”.
Skimping on the details, the prince said that the sale of a one percent stake of the company would be “a great deal” for the oil and gas company in terms of sales boost.
CNBC quoted bin Salman as saying, “I don’t want to give any promises, but there’s a discussion for the acquisition of a 1% stake by a leading global energy company.
“That will be a great deal to enhance the sales of Aramco in the country where this company (is based).”
He added that Saudi Arabia was at the negotiating table with other interested parties and that some shares would be distributed to the Public Investment Fund – Saudi Arabia’s wealth fund – while some would be listed on the market in the country.
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Aramco’s Impressive History
In December 2019 when the company went public, it recorded the highest Initial Public Offering (IPO), raising $25.6 billion.
After the company sold an extra 450 million more shares, the IPO rose to a value of $29.4 billion.
Currently, the government of Saudi Arabia own over 98 percent of shares in Aramco.
