Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

The Saudi budget is going backwards – selling oil shares

Saudi Arabia has the large shopping malls on – and the state budget goes back. Now institutional investors are being offered to buy in further into the world's largest oil company, state-owned Saudi Aramco.

» Updated: 16 July 2024, 15:09

» Published: 02 June 2024

The Saudi budget is going backwards – selling oil shares
Photo: Amr Nabil/AP/TT

Saudi Arabia has the big spending shopping malls on – and the state budget is going back.

Now institutional investors are being offered to buy in further into the world's largest oil company, state-owned Saudi Aramco.

Shares that give 0.64% of the ownership in the company are being sold. The offer, which was released on Sunday, is between 26.7 and 29 rial per share (74.9 to 81.4 kronor).

If the final prices land in the middle of the range, it would generate equivalent to 121 billion kronor in revenue, but it could be as high as 138 billion kronor, according to CNBC.

Several multinational business banks are among the actors who have received the offer.

The Saudi state has launched construction projects that include, among other things, the construction of entirely new cities and vast amounts of other infrastructure until 2030.

The total cost has been estimated to be equivalent to over 10 trillion (10,000 billion) kronor. At the beginning of May, it became clear that the state had a budget deficit for the sixth quarter in a row, which has been exacerbated by the relatively low oil price.

This will be the second time that shares are being sold in Saudi Aramco. In 2019, 1.5% of the company was released for 29.4 billion dollars (approximately 309 billion kronor in today's exchange rate).

It is still considered the world's largest IPO.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Svantesson: Will Boost the Economy
1 MIN READ

Svantesson: Will Boost the Economy

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Central Bank Economist: Central Bank Cuts Interest Rate Too Late
2 MIN READ

Central Bank Economist: Central Bank Cuts Interest Rate Too Late

How You Are Affected by Lowered Interest Rates
2 MIN READ

How You Are Affected by Lowered Interest Rates

The Central Bank doubles down - uncertainty after Trump's victory
2 MIN READ

The Central Bank doubles down - uncertainty after Trump's victory

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

Stockholm Stock Exchange rises after interest rate cut
1 MIN READ

Stockholm Stock Exchange rises after interest rate cut

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected

Inflation Expectations Fall
1 MIN READ

Inflation Expectations Fall

Better than expected for Novo Nordisk
1 MIN READ

Better than expected for Novo Nordisk

No "Trump Effect" on the Stockholm Stock Exchange
1 MIN READ

No "Trump Effect" on the Stockholm Stock Exchange

Stock Market Euphoria as Trump Heads for Victory
2 MIN READ

Stock Market Euphoria as Trump Heads for Victory