Saudi Arabia's Capital Market Authority approves IPO of oil giant Aramco
By Trend
Saudi Arabia’s Capital Market Authority (CMA) has approved the initial public offering of state oil giant Aramco, in a move that the CMA said would be valid for at least six months, Trend reports citing Sputnik.
In a statement on Sunday, the CMA also said that Aramco’s prospectus is due to be published in the run-up to the beginning of the subscription period.
The move comes a day after Reuters cited unnamed sources as saying that “Crown Prince [Mohammed bin Salman] finally gave the green light” to Aramco’s IPO.
Plans for the decision were first announced in 2016 as part of Saudi Arabia’s Vision 2030 economic overhaul programme but have been delayed a number of times.
Riyadh reportedly expects the IPO to value the oil giant at some $2 trillion, the largest such valuation in history, which would allow the company to raise as much as $100 billion by listing just a 5 percent stake.
The oil facilities belonging to Aramco were attacked in mid-September, which resulted in a temporary sharp decrease in the kingdom's oil output.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!