01:26 GMT28 October 2020
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    Aramco revealed on Sunday that 1.5% of the company will be available for sale, up to 3 billion in shares. The shares will reportedly go for 30 riyals to 32 riyals, valuing the IPO at around 96 billion riyals ($25.6 billion).

    The Saudi Arabian state-owned oil giant Aramco has said that it does not plan to market its domestic initial public offering (IPO) in the United States, two sources have claimed on Sunday, as reported by Reuters.

    The sources claim that Aramco will no longer accept the 144A rule within the US Securities Act, permitting any non-US seller to penetrate the internal US market.

    Aramco said in its IPO prospectus earlier this month that due to the requirement of the rule, it will not sell shares in the United States.

    The news comes as Aramco recovers from a severe attack by Yemeni Houthi rebels, with the latter claiming responsibility via the Houthi-run Al-Masirah news agency in September.

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    Tags:
    Saudi Aramco, Saudi Arabia, IPO
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