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Saudi Aramco confirms to sell 0.5% to retail investors, lockup period for government

FILE PHOTO: The Saudi Aramco logo is pictured at the company’s oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov/File PhotoDUBAI (Reuters) – State-owned Saudi Aramco will sell 0.5% of its shares to individual shareholders and the government will have a lockup period of at least six months on further share sales after the initial public offering, its prospectus said on Saturday. The over 600-page prospectus did not include details of how much of the company would be floated or any commitments from anchor investors. Aramco fired the starting gun on the initial public offering (IPO) on Nov. 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries. Reporting by Saeed Azhar and Hadeel Al Sayegh; editing by Jonathan OatisOur Standards:The Thomson Reuters Trust Principles.

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