Saudi Aramco, the world's largest oil exporter, said on Sunday that the company will launch its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
{"preview_thumbnail":"https://cdn.flowplayer.com/6684a05f-6468-4ecd-87d5-a748773282a3/i/v-i-c…","video_id":"cfa14622-73ab-415f-913f-905eb942a0b9","player_id":"8ca46225-42a2-4245-9c20-7850ae937431","provider":"flowplayer","video":"Top 10 Cities to Travel to in 2020"}
Chairman of Saudi Aramco and governor of the Public Investment Fund, Yasser al-Rumayyan spoke in a conference on Sunday.
“I am honored to announce the Saudi Aramco will become a listed company on the Saudi Stock Exchange,” he said.
The purpose of the IPO, potentially the biggest ever, is to put Saudi Arabia on the fast track to diversifying its economy away from oil.
Rumayyan stressed that the local listing was a reflection of a strong global position.
"Listing Aramco on Tadawul proves its strong position among global markets," he said.
For his part, Amin H. Nasser, the president and CEO of Aramco, said: "This is a transformational and historic moment for Saudi Aramco."
He stressed Aramco's "disciplined financial approach and prudent and flexible balance sheet."
Meanwhile, the company also said Saudi nationals subscribing to the listing will be eligible to receive bonus shares.
It further reported a net income of $68 billion for the nine months ended September 30.
The company's revenues and other income related to sales stood at $244 billion for the same period.
