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[size=36]Saudi Aramco confirms sale of 0.5% to individual investors and period of sale ban to government[/size]
Economy | 10:39 - 10/11/2019
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Saudi Aramco will sell 0.5 percent of its shares to individual investors and the government will be subject to a ban on selling at least six months after the initial public offering, the Saudi Aramco offering said on Saturday.
The over 600-page prospectus contained no details of the size of the company's listing or any commitments by major investors.
Aramco fired the first shot in the IPO on November 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the kingdom's oil-dependent economy by investing in non-energy sectors.
The over 600-page prospectus contained no details of the size of the company's listing or any commitments by major investors.
Aramco fired the first shot in the IPO on November 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the kingdom's oil-dependent economy by investing in non-energy sectors.
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