Saudi Aramco announces completion of secondary share sale for $11.2 billion

Saudi Aramco has completed a secondary share sale raising $11.23 billion, the oil company and the Saudi government said in a statement on Tuesday.

On Sunday, the oil giant had said that international investors had snatched up the bulk of shares sold in its latest offering.

The secondary offering was expected to provide a short-term boost to Saudi Arabia’s finances as the kingdom builds large-scale projects including resorts and stadiums, part of a reform drive to prepare for an eventual post-oil future.

Aramco had on May 30 announced that it would sell 1.545 billion shares, or approximately 0.64 per cent of its issued shares, on the Saudi stock exchange.

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