Shares of oil giant Saudi Aramco can be listed on domestic stock market, kingdom’s Capital Market Authority says.
(Al Jazeera News Online) – Saudi Arabia’s market regulator has approved Saudi Aramco’s application to list on the domestic stock market as the kingdom seeks to diversify and create the world’s most valuable listed company.
The Capital Market Authority said in a statement issued on its website on Sunday that its board “has issued its resolution approving the Saudi Arabian Oil Company [Saudi Aramco] … application for the registration and offering of part of its shares”.
It did not immediately offer any timeline for the initial public offering (IPO) of the world’s most profitable company.
The Saudi-owned satellite channel Al-Arabiya reported last week, citing anonymous sources, that pricing for the stock will begin on November 17.
A final price for the stock will be set on December 4, with shares then beginning to be traded on Riyadh’s Tadawul stock exchange on December 11, the channel reported.