Saudi Aramco Share Sale Draws Buyers in Droves ...Middle East

The sale of 1.5 billion shares in Saudi Aramco, which launched on Sunday, has drawn demand that exceeded the supply of stock, Reuters has reported, noting demand overtook supply just hours after the sale began. The news of the secondary stock offering broke last week when the government of Saudi Arabia announced it would sell 1.545 billion shares in Aramco, at a price of between 26.70 and 29 riyals apiece. To cover potential short positions resulting from any over-allotments, the government has granted Merrill Lynch, which acted as the stabilizing…

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