Saudi Arabia planning Aramco share sale as soon as June

Investing.com — Saudi Arabia is eyeing a multi-billion dollar share sale in state-backed energy giant Aramco (TADAWUL:) as soon as June, Reuters has reported, citing two people familiar with the matter.

The news agency said on Sunday that, according to one of the sources, the offering could raise around $10 billion, although the details of the move could still change.

The shares would be listed in Riyadh, Reuters reported, adding that it will be a fully marketed offering rather than an accelerated sale over the course of a few days.

Aramco has become a key source of cash payouts for the Saudi government, which controls a 90% stake in the group. Earlier this month, Aramco said it would deliver dividends worth $31 billion despite easing oil prices recently denting first-quarter earnings.