AP, DHAHRAN, Saudi ArabiaSaudi Arabia formally started the long-anticipated initial public offering (IPO) of its state-run oil giant Saudi Arabian Oil Co (Aramco) yesterday, which would see a sliver of the firm offered on a local stock exchange in the hopes of raising billions of dollars for the kingdom. An announcement from the Saudi Arabian Capital Market Authority announcing its approval for the share sale served as a starting gun for an IPO promised by Saudi Crown Prince Mohammad bin Salman since 2016. “This is a transformational and historic moment for Saudi Aramco,” Nasser said. The announcement by the Capital Market Authority provided no time line for the IPO, nor did documents later released by Aramco. “The Capital Market Authority board has issued its resolution approving the Saudi Arabian Oil Co application for the registration and offering of part of its shares,” the authority said in a statement.

Source: Taipei Times November 03, 2019 16:01 UTC