Investing.com – Saudi Arabia is looking to sell billions of dollars worth of shares in state-backed energy giant Aramco (Tadawul:) as soon as June, Reuters reported, citing two people familiar with the matter.
The news agency said on Sunday that according to one source, the offering could raise about $10 billion, although details of the move may change.
Reuters reported that the shares will be listed in Riyadh, adding that it will be a fully marketed offering and not a quick sale over a few days.
Aramco has become a major source of cash payments to the Saudi government, which controls a 90% stake in the group. Earlier this month, Aramco said it would pay a $31 billion dividend despite a drop in oil prices that recently dragged down first-quarter earnings.
