Saudi Arabia plans to list 1% of state oil giant Saudi Aramco on the Riyadh stoc...
RIYADH/LONDON - Saudi Arabia plans to list 1% of state oil giant Saudi Aramco on the Riyadh stock exchange before the end of 2019 and another 1% in 2020, sources familiar with the matter told Reuters.
Crown Prince Mohammed bin Salman eventually wants around 5% of the company to be public as the centerpiece of his plan to diversify the Saudi economy away from oil, attract foreign investments and create jobs. “The thinking now is to list 1% this year, and another next year. This will be easier for the stock market to absorb,” said one source familiar with the first stage of the planned listing.
Aramco is preparing to sell up to a 5% stake by 2020-2021, in what could be the world’s biggest IPO. It is still meeting banks pitching for roles on the deal, and is expected to appoint the advisers in the coming days, sources have told Reuters.
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