BloombergSaudi Arabia put a preliminary valuation on its state-owned oil giant Saudi Arabian Oil Co (Aramco) of between US$1.6 trillion and US$1.71 trillion, short of the US$2 trillion target set by Saudi Crown Prince Mohammad bin Salman in 2016. Aramco is seeking as much as US$25.6 billion by selling a 1.5 percent stake. With one-third of the deal reserved for Saudi retail investors, Aramco is to rely heavily on the local market. The shares are to be offered at a price range of 30 riyals to 32 riyals per share, and Aramco would publish the final price and valuation on Dec. 5. Still, valuation has been a sticking point ever since the crown prince first floated the idea in 2016.

Source: Taipei Times November 17, 2019 15:56 UTC