FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
DUBAI - Saudi Arabia’s market regulator approved on Sunday Saudi Aramco’s application to list on the domestic stock market as the kingdom seeks to diversify and create the world’s most valuable listed company. Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia’s determination to push on with the listing regardless.
The IPO of the world’s most profitable company is designed to turbo charge Crown Prince Mohammed bin Salman’s economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. The Capital Market Authority said its board “has issued its resolution approving the Saudi Arabian Oil Company ... application for the registration and offering of part of its shares.”
kuku27 The bond sale made the company reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five super majors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total.
kuku27 A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba’s
kuku27 The IPO of the world’s most profitable company is designed to turbo charge Crown Prince Mohammed bin Salman’s economic reform agenda by raising billions to diversify the kingdom
kuku27 Aramco The statement did not give a time frame or say how much Aramco would sell, but sources have told Reuters the oil company could sell its shares on the local bourse, raising as much $20 billion-$40 billion.
Aramco is the largest oil and gas company in the world and I believe that all the investors will be eager to be a shareholder in such a stable and reliable company. AramcoIPO
Good move, most of Saudi citizens are eager and looking forward to purchase Aramco’s shares. Aramco differ greatly from the rest of the local companies. Aramco is quite similar to the sunshine which covers every part of the universe as well as life sustaining.
Nice country