Saudi plans to sell 2% of Aramco in domestic listing

- Advertisement -

The Saudi government plans to sell 2% of state oil giant Aramco in a domestic listing on Dec. 11, three sources familiar with the matter said.

Final pricing for the IPO (initial public offering) is scheduled for Dec. 5 and the world’s most profitable company is expected to start trading on the Riyadh bourse six days later, the sources said.

Aramco fired the starting gun on the domestic IPO on Sunday. However, it did not give details on how much of the company would be sold, or when the listing would happen, while expert valuations of the company vary wildly from around $1.2 to $2.3 trillion.

READ  Saudi: School Girl Dies After Being Dragged By Bus

Sunday’s announcement had said Aramco and the selling shareholder would be subject to restrictions on the sale, disposition or issuance of additional shares, but did not provide the lock-up period. Crown Prince Muhammad Bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.

Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp.

READ  Goldman and Citi reportedly poised for big roles in Saudi Aramco IPO

Aramco roadshows for the Riyadh IPO will begin on Nov. 18, according to the sources.

Comments

- Advertisement -