Energy giant Saudi Aramco will make its long-awaited debut on the Riyadh stock market on December 11, Saudi-owned Al-Arabiya television said Tuesday.
The broadcaster, citing unnamed sources, said the Saudi exchange will announce on November 3 a timetable for the initial public offering including the release on November 17 of the targeted share price.
“Aramco IPO will begin on December 4,” at which point investors can subscribe to the giant offering, the sources said, adding that the shares would then start trading on the Saudi Tadawul exchange on December 11.
The IPO forms the cornerstone of a reform programme conceived by the kingdom’s de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.
