WionDrive News Desk 
Saudi Arabia is preparing for a multi-billion-dollar share sale of its energy giant Aramco, potentially as early as June, in what could be one of the biggest stock deals in the region, according to two individuals familiar with the matter.
One of the sources indicated that the offering could raise around $10 billion. However, the preparations are ongoing, and the details are subject to change, said the sources, who spoke on condition of anonymity due to the private nature of the matter.
The shares will be listed in Riyadh, and it will be a fully marketed offering rather than an accelerated sale over a few days, they added.
When asked for a comment, Aramco stated, “Decisions about share sales are matters for our shareholders and are not something we are able to comment on.” The government’s communication office did not immediately respond to a request for comment.
Previously, Reuters reported that banks including Citigroup, Goldman Sachs, and HSBC had been lined up to manage the sale.
Saudi Arabia has embarked on an economic transition plan called Vision 2030, which aims to expand the private sector and promote non-oil growth as central pillars of its future development. The Saudi government remains the overwhelming majority shareholder in Aramco, with a 90% stake, and heavily relies on its dividend payouts.
Earlier this month, Aramco stated that it expects to pay $31 billion in dividends, despite reporting lower earnings for the first quarter due to lower oil prices and volumes sold.
Since its record-breaking initial public offering (IPO) in 2019, Aramco’s shares have risen from an IPO price of 32 riyals to a high of 38.64 riyals a year ago. On Thursday, its shares closed at 29.95 riyals.
