Riyadh – Mubasher: Saudi Arabian Oil Company, officially known as Saudi Aramco, announced its intention to float on the Saudi Stock Exchange (Tadawul).
The Saudi government intends to sell a portion of its shares in Saudi Aramco, according to Aramco’s statement on Sunday.
“Today marks a significant milestone in the history of the Company and important progress towards delivering Saudi Vision 2030, the Kingdom’s blueprint for sustained economic diversification and growth,” Yasir Othman Al-Rumayyan, chairman of Aramco, commented.
He added that the world’s largest integrated oil and gas company has a strong track record of creating value for its current shareholder, the Saudi government.
“Our mission is to provide our shareholders with long-term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio,” Amin H. Nasser, president and CEO of Aramco, stated.
Earlier Sunday, Capital Market Authority (CMA) has issued its resolution approving Aramco’s application for the registration and offering of part of its shares.
Aramco’s prospectus will be published prior to the start of the subscription period.
The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the Company's financial statements, activities and management.
Last week, Aramco noted that it will list on the Saudi Stock Exchange (Tadawul) by 11 December.
Pricing of the long-waited Saudi Aramco’s initial public offering (IPO) will start on 17 November, with a final price for the float expected to be announced on 4 December.
