Saudi Arabia’s market regulator approved on Sunday Saudi Aramco’s application to list on the domestic stock market as the kingdom seeks to diversify and create the world’s most valuable listed company.
The statement did not give a time frame or say how much Aramco would sell, but sources have told Reuters the oil company could sell 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion.
Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia’s determination to push on with the listing regardless.
The IPO of the world’s most profitable company is designed to turbo charge Crown Prince Mohammed bin Salman’s economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks.
Via Reuters
