The kingdom’s market regulator approved the listing early Sunday but exact details surrounding the size and scope of the IPO remain unknown. In a statement from Saudi Aramco, the company said “the final offer price, number of shares to be sold and percentage of the shares to be sold will be determined at the end of the book-building period.”
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“Our mission is to provide our shareholders with long-term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio,” he said.
In a follow-up press conference on Sunday, Nasser said the company’s IPO prospectus would be released on November 9 and told CNBC that the listing of Aramco was to help diversify the economy, and was a way to strengthen the domestic Tadawul exchange by attracting both domestic and international investment.
“For us, as Saudi Aramco, I think we are proud of the listing of Aramco. It will increase our visibility internationally. We are a very strong company. By sharing a lot of information, as required by any listed company, there will be a lot of analysts that will review our data and compare it with other listed companies, and we would love to have that kind of comparisons, because we are a company that are proud of our results,” he said.
Also at the press conference, Aramco’s Chairman Yasser al-Rumayyan said the international listing would be decided on “going forward.”
He also said he could not comment on the valuation of the company, or the percentage to list.
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