Sunday, July 14, 2024
HomeWorld newsSaudis say they will hand over about 60% of Aramco's supply to...

Saudis say they will hand over about 60% of Aramco’s supply to foreign investors

Foreign investors were allocated about 60% of the shares offered in Saudi Aramco’s $11.2 billion share sale, people familiar with the matter said. This marked a reversal from the oil giant’s 2019 listing, which ultimately turned out to be a largely local affair.

The deal generated strong demand from the U.S. and Europe, according to the people, who declined to be identified because the information is private. Funds from Britain, Hong Kong and Japan also backed the share sale, which totaled orders worth more than $65 billion, the people said.

During the oil giant’s listing, foreign investors had largely resisted valuation expectations, leaving the government dependent on local buyers. The $29.4 billion IPO attracted orders worth $106 billion, and only 23% of the shares were allocated to foreign buyers.

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