Crown Prince Mohammed bin Salman has approved Saudi Armaco (which is state-owned oil and gas company Saudi Arabia) to IPO. This information...
Crown Prince Mohammed bin Salman has approved Saudi Armaco (which is state-owned oil and gas company Saudi Arabia) to IPO. This information is expected to be published on November 3.
Reuters quoted five sources familiar with the matter, saying that Crown Prince Mohammed bin Salman had nodded his head for the IPO. It was described as the largest in history on October 31st. However, the official announcement will be made on the evening of November 3.
Sources say Saudi Aramco officials and advisers have been working last minute with investors for the past few days trying to set a price for this historic IPO. As expected, Saudi Arabia will sell a 5% stake in Saudi Aramco with the expectation of earning 100 billion USD.
On the evening of October 31, the Saudi government was still meeting to discuss whether or not to IPO Saudi Aramco. To be valued at $ 2,000 billion, Saudi Arabia needs to successfully sell 1-2% of Saudi Aramco's shares in the country's stock market to collect $ 20-40 billion.
The deal is central to Saudi Arabia's plan to shake up Saudi Arabia's economy and oil diversification. However, this plan is happening more slowly than what was first announced in 2016.
Mr. Nerd
