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Saudi Aramco Share Sale Rises to $12.35 Bn

General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights
General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights
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Saudi Aramco Share Sale Rises to $12.35 Bn

General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights
General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights

Saudi Aramco netted $12.35 billion from a secondary share sale, the deal's stabilizing manager said on Wednesday.

An additional 154.5 million shares were issued in response to demand from investors, Merrill Lynch Kingdom of Saudi Arabia said, taking the total number to nearly 1.7 billion.

The offering announced in May was the largest in the Middle East since Aramco's record initial public offering (IPO) in 2019.

"Following the exercise of the over-allotment option, the total offering size will be 1,699,500,000 shares, representing a total offering amount of SAR 46.31 billion ($12.35 billion)," Merrill Lynch said in a statement, AFP reported.

Last month Aramco said the offering raised a minimum of $11.2 billion, with the final size dependent on whether Merrill Lynch uses the over-allotment or "greenshoe" option to sell additional shares by July 9.

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Saudi Commerce Minister Leads Delegation to Boost Trade with South Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
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Saudi Commerce Minister Leads Delegation to Boost Trade with South Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea.

The delegation, comprising officials from 10 government agencies and 55 business leaders from major national companies, aims to reinforce economic partnerships and participate in the Saudi-Korean Business Forum.

During a meeting with Korean Prime Minister Han Duck-soo, Al-Qasabi highlighted the importance of strengthening commercial ties between the two countries in line with the directives of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

The discussions centered on the progress in free trade agreement talks between South Korea and the Gulf Cooperation Council, as well as the impact of Saudi Arabia's Vision 2030 reform agenda on potential business opportunities for collaboration.

Saudi Ambassador to South Korea Sami bin Mohammed Al-Sadhan was present at the meeting.

Al-Qasabi also discussed with the Korean Minister of Small and Medium Enterprises and Startups, Oh Young-ju, to explore opportunities for knowledge sharing and talent exchange, drawing on Seoul’s experience in developing small and medium enterprises (SMEs).

He met with Naver CEO Choi Soo-yeon to discuss the company's plans to enter the Saudi market and collaborate on expanding e-commerce in the Kingdom.