Riyadh: Saudi Arabia’s state-run oil giant Aramco started its initial public offering on Sunday and announced that it would begin trading on the domestic stock exchange, the Tadawul, in early December. “Saudi Aramco confirms its intention to list on Tadawul, the Saudi National Stock Exchange,” the oil company tweeted.
The final price offering remains unknown but Aramco Chairman Yasser al-Rumayyan said that reports from national and international analysts were to be prepared to determine a price range. The President and Chief Executive of Aramco Amin Nasser said that the board intended to pay $75 billion in dividends for investors in 2020.
The Saudi Capital Market Authority (CMA) announced its approval for Aramco’s share offering earlier in the day and added that the application will be valid for six months from its Board resolution date. Aramco pointed out that it achieved a net income of $68 billion during the past nine months, ending on September 30. Aramco’s IPO is one of the main elements of the Vision 2030 launched by Crown Prince Mohammed bin Salman to diversify the Saudi economy. (IANS)