Dubai – Saudi Aramco aims to start subscription for investors in its initial public offering on Dec. 4, Al Arabiya said in a news flash on Tuesday citing sources.
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The oil giant plans to announce the transaction’s price on Nov. 17, it added.
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The company will begin trading on the local stock market, the Tadawul, on Dec. 11, the broadcaster reported.
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Meanwhile, questions persist over how the initial public offering will be handled even as Saudi Aramco offers sweeteners and promises of an estimated $75 billion dividend next year.
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Al Arabiya English arm elaborated, saying that a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Riyadh-based Tadawul stock market on Dec. 11.
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It added that the Saudi Capital Markets Authority will make a formal announcement about the IPO plans on Sunday.
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“The Aramco IPO is a cornerstone of Saudi Arabia’s Vision 2030 plan, which aims to wean the kingdom off its reliance on oil to diversify the economy,” the channel said in its report.
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State oil giant Saudi Aramco will soon have more shareholders from institutions, the head of the kingdom’s sovereign wealth fund said on Tuesday.
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Yasser Al Rumayyan, governor of the Public Investment Fund (PIF), who is also the chairman of Aramco’s board of directors, said that the separation of Aramco from the energy ministry was to prevent conflict of interest.
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He was speaking at a panel at the Future Investment Initiative conference in Riyadh.
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The IPO likely will begin at the Riyadh-based Tadawul stock market, then perhaps go abroad, though questions remain about where that will be.
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