Africa News Saudi Aramco CEO signals local listing coming ‘very soon’

Saudi Aramco CEO signals local listing coming ‘very soon’

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ABU DHABI, United Arab Emirates (AP) — Saudi Aramco’s chief executive, Amin Nasser, says the company is ready and that a local listing on the kingdom’s stock exchange is to happen “very soon.”

Nasser declined to say how much of the state-owned oil giant would be listed on the Tadawul exchange. Reports have emerged that 1% of the company could be sold locally later this year before more is sold on an international market.

Nasser told reporters at an energy conference in Abu Dhabi on Tuesday that “Aramco is ready for listing whenever the shareholders make the decision to list” and that “it’s going to be very soon, so we are prepared.”

New Saudi Energy Minister Prince Abdulaziz earlier expressed his support for an IPO in his first public debut since assuming the post earlier this week.

Copyright © 2019 The Associated Press. All rights reserved. This website is not intended for users located within the European Economic Area.

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