Saudi Arabia has raised a total of $12.35 billion from a secondary share sale in Aramco, after the Saudi oil giant exercised an over-allotment option, a document seen by Reuters showed.
The deal is the culmination of a years-long effort to sell another chunk in one of the world’s most valuable companies after its record-setting IPO in 2019.
It comes as the kingdom seeks to generate more funds to push ahead with it economic diversification plan known as “Vision 2030”.
The state oil giant also made its return to the debt market on Tuesday after a three-year hiatus, joining top companies and governments in the Gulf that have tapped markets this year to fund investments.
Aramco hired banks to sell bonds maturing in 10, 30 and 40 years, a document from one of the banks working on the deal showed. Aramco is likely to raise at least $3 billion across the three tranches, a source with knowledge of the matter said.