Saudi Arabia recently announced the addition of four more banks to its secondary share offering of oil giant Aramco, marking a milestone in the sale that could potentially raise up to $13.1 billion. The government is looking to sell up to a 0.7 percent stake in the top oil exporter, with the shares scheduled to start trading on the Riyadh Saudi Exchange. Investment banks like Credit Suisse Saudi Arabia, BNP Paribas, Bank of China International, and China International Capital Corporation have joined the deal, along with other major financial institutions.
Meanwhile, the OPEC+ group of oil producers, including Saudi Arabia and Russia, is set to meet to discuss output policies. Despite efforts to cut output and support crude prices, Brent settled below $82 a barrel. Aramco, which introduced a new dividend payout mechanism last year, is offering investors a chance to purchase a percentage of its shares at a set price range.
The secondary share offering presents an opportunity for investors to tap into one of the world’s leading oil companies and could potentially exceed the success of Aramco’s record initial public offering in 2019.
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