Riyadh – Mubasher: Saudi Aramco’s initial public offering (IPO) is still scheduled to be implemented in the second half of 2018, but the government has not decided on yet the stock market that the firm will be listed on, the CEO Amin Nasser said.
Previously formed committee discusses the possibility of listing Aramco on another stock market in addition to the Saudi Stock Exchange (Tadawul), Nasser added.
“The plan remains to list the whole company rather than creating a subsidiary to IPO,” the CEO noted.
Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih expected that Aramco’s IPO would take place in 2018.
On Thursday, funding sector sources said that the state-owned crude producer has not invited UBS and Bank of America Merrill Lynch to compete for main advisory roles in its IPO.
Saudi Arabia plans to sell 5% stake of Aramco, amid valuations that the firm will be evaluated at $2 trillion.
