General World News

Saudi Aramco Plans $25.6B Share Sale in Biggest IPO Ever

Saudi Aramco, Saudi Arabia’s state-owned oil company, on Thursday set a share price for its initial public stock offering — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft.

The company said it would sell its shares at 32 riyals ($8.53) each, putting the overall value of the stake being sold at $25.6 billion.

Aramco is floating a 1.5% stake in the company, or 3 billion shares. Trading is expected to happen on the Saudi Tadawul stock exchange as early as December 11.

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Source:: VOANews.Com