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03-11-19
Saudi market regulator approves Aramco's request to list
(MENAFN) Saudi Arabia finally launched what could be the world's biggest initial public offering.
More than three years after Crown Prince Mohammed bin Salman first raised the idea - and just three weeks after a plan to launch the share sale was abruptly shelved - the Capital Market Authority approved Aramco"s offering, according to a statement. The shares are likely to start trading in December.
The approval shall be valid for six months, and the company's prospectus will be published prior to the start of the subscription period, according to the statement.
Aramco, which pumps about 10percent of the world's oil, generated the most profit of any corporation last year with net income of USD111 billion - more than Apple Inc., Google's parent Alphabet Inc. and Exxon Mobil Corp. combined. The company was targeting a USD2 trillion valuation -more than double that of Apple - although some analysts see about USD1.5 trillion as more realistic.
MENAFN0311201900450000ID1099213954
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