Investors flock to Aramco share sale that could raise $13 billion
) drew more demand than the stock on offer within hours of kicking off on Sunday, a landmark deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom's assets.
The sale will also bolster efforts by the government to wean itself off its"oil addiction", as Saudi de facto ruler Crown Prince Mohammed bin Salman once called it, analysts and sources have said. The banks can increase the offering by a further roughly $1 billion. If all the shares are sold, the Saudi government will be cutting its stake in the world's top oil exporter by 0.7%.
Still, Aramco - long a cash cow for the Saudi state - has boosted its dividends, introducing a new performance-linked payout mechanism last year, despite lower profits as a result of the lower volumes. Saudi Arabia is producing about 9 mbpd of crude, roughly 75% of its maximum capacity.
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