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Saudi Arabia to Announce Aramco’s IPO Specifics on Sunday

Saudi Arabia to Announce Aramco’s IPO Specifics on Sunday

Saturday, 2 November, 2019 - 06:00
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

Saudi Arabia has approved the go ahead of the initial public offering (IPO) of state oil giant Aramco, sources familiar with the matter told Reuters and Agence France Presse.

Aramco is expected to announce its intention to float (ITF) on Sunday, the sources said.

Specifics on the domestic aspects of the IPO, including a date, are expected Sunday, they said.

The Aramco stock listing, a key component of Crown Prince Mohammed bin Salman's overall policy agenda, will offer a small fraction of the petroleum giant.

Valued at between $1.5 and $1.7 trillion, Aramco is the biggest company ever.

Aramco is expected to sell a total of five percent on two exchanges, with an initial listing on the Tadawul Saudi bourse in December.

It will be followed next year by a listing in an overseas exchange, but that has yet to be picked.

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