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Aramco to list two percent on the Saudi Stock Exchange: Report

A sign of Saudi Aramco’s initial public offering (IPO) logo is seen before the start of a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia. (File photo: Reuters)

Saudi Aramco is expected to list two percent of its shares on the Saudi Stock Exchange (Tadawul), Reuters has reported, citing unnamed sources familiar with the matter.

The retail subscription period of the oil company's initial public offering (IPO) will end on November 26, Reuters added.

Analysts have long suggested that the government would likely elect to list between 1-3 percent on the Tadawul.

Aramco started its domestic IPO process on Sunday following a conference featuring comments from the Chairman of Aramco and Governor of the Saudi Arabian sovereign wealth fund, the Public Investment Fund, Yassir al-Rumayyan, and CEO of Aramco Amin Nasser.

In an exclusive interview with Al Arabiya, al-Rumayyan said that investments into Aramco will come from “anywhere in the world.”

“To strengthen the Tadawul, and Saudi Arabia as a foreign investment destination, listing Saudi Aramco now is important,” Nasser added during the conference.

Aramco also reported on Sunday a net profit of $68 billion for the first nine months of 2019, making it the most profitable company in the world by a significant margin.

The investor roadshow is due to start on November 18, the sources added, with final pricing scheduled for December 5, and trading expected to start December 11.

 

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Last Update: Tuesday, 5 November 2019 KSA 16:02 - GMT 13:02
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