First group of Gaza children to be evacuated to UK for treatment 'in coming weeks'    European leaders stress unity with Ukraine ahead of Washington summit    King Salman and Crown Prince condole with Pakistan president over flood victims    Syrian minister to visit Riyadh on Monday to deepen economic cooperation    Thousands cross Channel in small boats since new migrant deal with France    'Skibidi' and 'tradwife' among words added to Cambridge Dictionary    Saudi citizen airlifted from Azerbaijan for treatment    26 health violations detected and two establishments closed in Riyadh    Saud Abdulhamid becomes first Saudi player to debut in French league    CMA prohibits foreign investors from owning over 49% of shares of any entity    Al Nassr sign Kingsley Coman from Bayern Munich in €30m deal    Data centers to be expanded across UK as concerns mount    Saudi Arabia approves digital ID use for non-resident foreigners to own property    Des Buckingham takes charge of Al Kholood ahead of new RSL season    Music Commission to present 'Marvels of Saudi Orchestra' at Palace of Versailles on September 5    AI designs antibiotics for gonorrhoea and MRSA superbugs    HONOR introduces HONOR Magic V5 foldable at a premium regional event in Dubai    Al Nassr arrive in Hong Kong targeting Saudi Super Cup glory    Universal Inspection Co. Ltd. (UIC): Transforming industrial excellence with world-class precision    Baby Shark did not plagiarize, South Korea's top court rules    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco pursues IPO with local listing plan as lines up banks — sources
Published in The Saudi Gazette on 09 - 09 - 2019

Saudi Arabia plans a gradual listing of Aramco on its domestic market, sources familiar with the matter said on Monday, as it finalizes the roles banks will play in the initial public offering (IPO) of the world's biggest oil company.
The Kingdom intends to list 1% of the state oil giant on the Riyadh stock exchange before the end of this year and another 1% in 2020, the sources said, as initial steps ahead of a public sale of around 5% of Aramco.
Based on the indicated $2 trillion valuation that Saudi Aramco had hoped to achieve, a 1% float would be worth $20 billion, a huge milestone for the local stock market.
Aramco's flotation, which could be the world's biggest IPO, is key to raise money for Crown Prince Muhammed Bin Salman's plans to diversify the Saudi economy away from oil revenues and has rapidly regained momentum over the past few days.
Saudi Energy Minister Prince Abdulaziz Bin Salman said on Monday Saudi Arabia was aiming for the Aramco IPO "as soon as possible", speaking on the issue for the first time since replacing Khalid Al-Falih at the ministry.
The Kingdom has geared up to fast-track the IPO by bringing in the head of Saudi Arabia's sovereign wealth fund, Yassir Al-Rumayyan, who was recently named Aramco chairman and leads an executive committee overseeing the plans.
Aramco is finalizing the list of banks that will manage the deal, with mandates expected in the coming days, sources said.
JPMorgan, Morgan Stanley and National Commercial Bank are expected to have lead roles and Citi, Goldman Sachs, HSBC and Samba Financial Bank will likely be added to the list of banks managing the transaction, one of the sources said.
Morgan Stanley, JPMorgan and HSBC were chosen to play a leading role before the process was halted last year.
Aramco, Goldman Sachs, HSBC, and JPMorgan declined to comment, while Citi, Samba, Morgan Stanley and National Commercial Bank did not respond to requests for comment.
Should Aramco's local listing plans proceed, international banks would be tasked with promoting it to international investors looking to buy shares on the Saudi exchange Tadawul, the Middle East's largest bourse.
The exact timing of the listing on Tadawul has not yet been decided, the sources said, although one added that it might be announced at a major annual investment conference in Riyadh scheduled for the end of October.
It is also not clear yet on which international exchange Aramco would list. Aramco raised $12 billion this year in its first international bond, gaining more than $100 billion in demand. Many saw that deal as a pre-IPO relationship-building exercise with international investors.
The debt sale was expected to help fund Aramco's $69.1 billion acquisition of a 70% stake in petrochemicals firm Saudi Basic Industries Corp (SABIC) from the Saudi sovereign wealth fund, a deal that many saw as a transfer of government funds aimed at boosting the Saudi Crown Prince's economic agenda. — Reuters


Clic here to read the story from its source.