By Adria CalatayudSaudi Arabia's government confirmed it plans to sell a portion of its stake in oil giant Aramco valued at up to $11.95 billion. Aramco, formally known as Saudi Arabian Oil Co., said Friday that the government plans to sell shares representing a stake of about 0.64%, raising between 41.25 billion and 44.805 billion Saudi riyals ($11 billion-$11.95 billion). The Wall Street Journal reported earlier this week that Saudi Arabia was likely to announce its stock-sale plans as soon as this week. Write to Adria Calatayud at adria.calatayud@wsj.com(END) Dow Jones NewswiresMay 31, 2024 03:35 ET (07:35 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal May 31, 2024 07:41 UTC