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Home / Business / Saudi Crown Prince approves kick off of listing on Aramco on Sunday, sources said

Saudi Crown Prince approves kick off of listing on Aramco on Sunday, sources said



An employee in a brand helmet is pictured at Saudi Aramco oil plant in Abqaiq, Saudi Arabia, October 12, 2019.

Maxim Shemetov | Reuters

Saudi Arabia's Crown Prince Mohammed bin Salman on Friday agreed that the first public offer by state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.

The world's top oil company will announce its intention to float on November 3, the sources said.

"The Crown Prince finally gave the green light," said one source.

Aramco declined to comment.

Saudi Aramco officials and advisers have been holding last-minute meetings with investors in an effort to reach as close to $ 2 trillion as possible ahead of an expected Sunday listing, according to sources.

The final meeting of the Saudi government on Friday night was to decide whether to proceed with the listing.

To achieve $ 2 trillion, in history's largest stock exchange listing, Riyadh needs the first listing of a 1

% -2% stake in the Saudi stock market to raise at least $ 20 billion- $ 40 billion. [19659002] The entry is the centerpiece of the Crown Prince's plan to shake up the Saudi economy and diversify away from oil. But there have been various delays since it was announced in 2016.

Prince Mohammed finally wants to list as much as 5% of the company. International sales are expected to follow the domestic stock exchange listing.


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