The preparations to float shares of the state-owned oil company, Saudi Aramco, for next year are on track. But, a decision still has not been made on the location for the international listing, according to the chief executive of the company.
“Preparations are proceeding to the fullest extent for listing in 2018,” Amin Nasser stated in an interview that aired on Sunday. This statement came after Saudi Aramco signed both engineering and construction deals with international firms valued around $4.5 billion.
Nasser did say that Aramco’s shares will be listed on the Saudi stock market, Tadawul. After intense research on the international stock market candidates, the “right” decision on which international market will hold the oil company’s listing will be made “at the right time”, Nasser said.
“For sure, it will be listed in the Saudi market. As for other markets, a complete study was made,” he stated identifying the different markets of New York, London, Tokyo and Hong Kong. The research is under discussion now, he stated, adding “This takes time.”
Crown Prince Mohammad bin Salman has stated last month that the Aramco’s initial public offering is a part of his plan to expand the Saudi economy beyond just oil and that it was on track to take place in 2018.
The sale of just 5 percent of Saudi Aramco is anticipated to be the largest in the world. Last week, Saudi officials continued to assure the business community that the comprehensive anti-corruption investigation would not impact the economy negatively and that companies and banks could conduct business as usual.
THE HERALD FINANCE REPORT
Start your workday the right way with the news that matters most.
Saudi authorities have interrogated over 200 people in the anti-corruption investigation and it has been estimated that nearly $100 billion has been stolen. Numerous princes, senior officials and prominent businessmen and cabinet ministers have been arrest in the investigation.