Rumayyan: Saudi Aramco Launches Official IPO Process
Business
Asharq Al-Awsat
Saudi Aramco, the world's largest oil exporter, said on Sunday that the company will launch its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul). Chairman of Saudi Aramco and governor of the Public Investment Fund, Yasser al-Rumayyan spoke in a conference on Sunday. “I am honored to announce the Saudi Aramco will become a listed company on the Saudi Stock Exchange,” he said. The purpose of the IPO, potentially the biggest ever, is to put Saudi Arabia on the fast track to diversifying its economy away from oil. Saudi Aramco is aiming to list a total of 5 percent to raise $100 billion at a $2 trillion valuation. The company is expected to list a 1 percent stake on Tadawul before 2019 end and another 1 percent in 2020, which will be followed up by an international offering in 2020 or 2021. Rumayyan stressed that the local listing was a reflection of a strong global position. "Listing Aramco on Tadawul proves its strong position among global markets," he said.
from Asharq AL-awsat https://aawsat.com/english/home/article/1973956/rumayyan-saudi-aramco-launches-official-ipo-process
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