Finance
Saudi Arabia’s Haul From Aramco Share Sale Finalized at $12.35 Billion
- Secondary offering concludes as stabilization period ends
- Kingdom raises $1 billion more than previously expected
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Saudi Arabia raised $1 billion more than previously expected from the sale of a stake in oil producer Aramco after a so-called stabilization period of the company’s shares ended.
The government netted a total of $12.35 billion from the secondary offering, according to a statement. It sold a 0.64% stake in Aramco at 27.25 riyals a share last month, with an additional 154 million shares available for stabilizing manager Merrill Lynch to buy back and return to the state if the stock dropped below the offer price.