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Aramco ready for two-stage IPO, timing up to Saudi government: CEO

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Saudi state oil company Aramco's CEO Amin Nasser attends the 24th World Energy Congress (WEC) in the UAE capital Abu Dhabi on Sept. 10, 2019.

6 days   ago  /  71

Saudi energy giant Aramco is ready for a two-stage IPO but the timing is up to the government, its chief executive said Tuesday, flagging a possible foreign listing as part of the offering.
Aramco is “ready” for the giant initial public offering (IPO) but the timing is a “government decision,” Amin Nasser told reporters on the sidelines of the World Energy Congress.
“One of the primary listings is going to be local but we are also ready for listing outside.”
Nasser’s remark came after the Wall Street Journal reported last week that Aramco was considering a domestic debut and a subsequent international listing - possibly in Tokyo.
Aramco has said it plans to float around 5 percent of the state-owned company in 2020 or 2021 in what could potentially be the world’s biggest stock sale.

The planned IPO forms the cornerstone of a reform program envisaged by Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.

 

 /  Source: arabnews.com

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