Saudi Arabia formally announces Aramco IPO with a domestic listing set for December

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Saudi Arabia formally announces Aramco IPO with a domestic listing set for December
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Saudi Arabia formally announces Aramco IPO, saying a domestic listing will happen in December

An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019.Saudi Arabia has officially launched its initial public offering for its state-owned oil company Saudi Aramco on Sunday, announcing that a domestic listing will happen in December.

Amin Nasser, president and chief executive of Saudi Aramco, said in a statement that the company's vision "is to be the world's pre-eminent integrated energy and chemicals company." Previous reports suggest the kingdom will list 1%-2% of Aramco on its local stock exchange, and then on an international exchange at a later date for a total public sale of roughly 5% of the company.

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