The plans for the sale were mentioned by the American newspaper The Wall Street Journal (WSJ), referring to its sources. Aramco is the most valuable oil company in the world, and if Riyadh enforces the plans, it will be the largest transaction of its kind. An Aramco spokesman declined to comment.
Sources claim that the management of the state-owned company Aramco discussed with external consultants the sale of additional shares on the stock exchange in Riyadh and secondary listing on the stock exchange in London, Singapore or elsewhere.
A possible sale of additional shares would be by far the largest in the history of capital markets. The company’s listing on the Riyadh Stock Exchange in 2019 was the largest initial public offering (IPO). The company sold about 1.5 percent of its shares there and raised $ 29.4 billion.
The effort to sell the shares is still in the planning phase and may be postponed or changed, WSJ sources said. Over the years, Riyadh has put forward several different plans to raise funds through Aramco. Some plans gradually came to an end, others were immediately canceled.
Admission to the stock exchange in 2019 was a smaller version of the original plan. The company originally wanted to sell five percent of the shares for $ 100 billion, even on a major international stock exchange. After the sale in October 2018, after the killing of Saudi opposition journalist Jamal Hashukji at the consulate in Istanbul, the volume of trades on the Riyadh stock exchange was still weak.