Saudi Aramco confirms to promote 0.5% to retail traders, lockup interval for presidency

FILE PHOTO: The Saudi Aramco brand is pictured on the firm’s oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File Picture

DUBAI (Reuters) – State-owned Saudi Aramco will promote 0.5% of its shares to particular person shareholders and the federal government may have a lockup interval of at the very least six months on additional share gross sales after the preliminary public providing, its prospectus mentioned on Saturday.

The over 600-page prospectus didn’t embrace particulars of how a lot of the corporate can be floated or any commitments from anchor traders.

Aramco fired the beginning gun on the preliminary public providing (IPO) on Nov. three after a collection of false begins. Crown Prince Mohammed bin Salman is searching for to lift billions of {dollars} to diversify the Saudi economic system away from oil by investing in non-energy industries.

Reporting by Saeed Azhar and Hadeel Al Sayegh; modifying by Jonathan Oatis

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