January 18, 2018 / 10:12 AM / in 5 months

Aramco ready to IPO in H2, awaiting govt decision on venue: CEO

DHAHRAN, Saudi Arabia (Reuters) - Saudi Aramco’s Chief Executive Amin Nasser said on Thursday that the initial public offering (IPO) of the state oil giant is still planned for the second half of 2018, but the government has not yet made a decision on the listing venue.

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

“The company is ready for listing in 2018 when the decision is taken on the listing venue,” Nasser told reporters at the company’s headquarters.

“We want to see if there is going to be a listing in another market (in addition to the Saudi Tadawul). There is a committee that is formed that looks into it and whenever the decision is taken the company is ready to implement.”

The sale of up to 5 percent of Saudi Aramco [IPO-ARMO.SE], is a centerpiece of Vision 2030, an ambitious reform plan to reduce the economy’s dependence on oil.

Nasser said the plan remains to list the whole company rather than creating a subsidiary to IPO.

Reporting by Reem Shamseddine and Stephen Kalin; writing by Rania El Gamal; editing by Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below