Saudi Arabia is preparing to officially launch a secondary offering of shares in energy giant Saudi Arabian Oil Co. (TADAWUL:2222) on Sunday, June 2, in a move that could raise more than $10 billion, Bloomberg reported on Thursday morning, citing informed sources.
The Saudi government, the largest shareholder in oil company Saudi Aramco, is planning to attract informal interest from investors in Europe and the Middle East in a secondary offering that is scheduled to run until Thursday, June 6, according to people familiar with the matter. However, the sources said there are no final decisions on the potential duration and conditions for the secondary offering of shares of Saudi Aramco (TADAWUL:2222).
In this regard, it is worth noting that Saudi Aramco shares have suffered heavy losses of 11.67% since the beginning of trading in 2024, which pushed it to stabilize at the level of 29.15 riyals in today's trading.
