Hamad I Mohammed
Saudi Aramco is to announce the final decision of Aramco's initial public offering (IPO), Saudi Energy Minister Prince Abdul Aziz bin Salman Al Saud said.
“I am not going to talk today about OPEC or the initial public offer … I can only confirm that it will be very soon,” Prince Abdul Aziz said at the Forum for the Future of Investment 2019 in Riyadh.
He pointed out that “the decision will be taken at an appropriate time and within the framework of a correct approach … This will be above all a decision of Saudi Arabia and in particular a decision of Prince Mohammed.”
Saudi Arabia is expected to make a formal announcement on its intention to hold an initial public offering of shares of giant Saudi Aramco on Nov.
The Financial Times reported that the Saudi authorities may offer about 3% of the company's shares through the Tadawul Exchange, in Aramco's first IPO.