Saudi state oil giant Aramco will sell 0.5% of its shares to individual retail i...
DUBAI - Saudi state oil giant Aramco will sell 0.5% of its shares to individual retail investors and the government will have a lockup period of a year on further share sales after the initial public offering, its prospectus said on Saturday.
Sources have said the company could sell 1%-2% on the Saudi stock market in what could be the world’s largest listing. Aramco may also change its dividend policy without prior notice to its minority shareholders, it said. Bankers have told the Saudi government that investors will likely value the company at around $1.5 trillion, below the $2 trillion valuation touted by Prince Mohammed when he first floated the idea of an IPO nearly four years ago.
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