Saudi Aramco to float initial public offering
Saudi Aramco, world’s largest integrated oil and gas company, will float initial public offering (IPO). Saudi Arabia’s Aramco is considered one of the world’s most profitable oil producing enterprise. It has decided to sell an unspecified percentage of its shares on the Saudi stock exchange, the Tadawul. Trading is expected to begin next month, although it did not specify a date.
President of the Board of Directors Yasir bin Othman Al-Rumayyan expressed happiness that Aramco obtained the approval of the Capital Market Authority to float its shares with initial public offering.