Saudi Arabia Seeks Up to $12 Billion in Aramco Stake Sale (2)

Saudi Arabia confirmed plans to sell shares in its giant oil company in a deal that could raise as much as 44.8 billion Saudi riyals ($12 billion) for the kingdom, as it seeks funds to pay for a massive economic transformation plan.

The sale of 1.545 billion shares in Saudi Aramco, or 0.64% of the company’s issued shares, will kick off June 2, according to a statement confirming an earlier report by Bloomberg News. The price range is expected to be between 26.70 and 29 Saudi riyals per share, representing as much as a 7.9% discount to the company’s ...