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Saudi Minister of Energy, Khalid Al-Falih: an important step to prepare the company for the public offer
SOURCE: English
Saudi Energy Minister Khalid Al-Falih has confirmed the appointment of Yasser Othman Al-Rumayyan, governor of the Public Investment Fund, as chairman of Saudi Aramco.
Al-Falih said Monday in a tweet that this appointment was "an important step in preparing the company for the public offer". Energy Minister Khalid Al-Falih was president of Aramco before the appointment.
I congratulate my brother, HE Yasser Othman Al-Rumayyan, Governor of the Public Investment Fund, on his appointment as Chairman of the Board of Directors of Saudi Aramco, which is an important step in preparing the company for the IPO. , wishing him every success.
– Khalid al-Falih (@khalid_alfalih) September 2, 2019
This decision comes just days after the creation of a new Ministry of Industry and Mineral Wealth, separate from the huge Ministry of Energy Kingdom, in a series of Royal Orders issued Friday.
In addition to the position of governor of the Public Investment Fund, Al-Rumayan is an adviser to the Saudi Cabinet. He was also a member of the Aramco Board of Directors prior to his appointment as President.
Previously, he was Managing Director of Saudi Fransi Capital LLC and a board member of the Saudi Stock Exchange in Tadawul.
The Wall Street Journal announced that the first phase of Saudi Aramco's bid would be held this year in Tadawul, Saudi Arabia.
Aramco plans to split its bid into two phases, the newspaper said. Aramco tends to offer its shares in Tokyo, the paper said.
In a related context, sources in Aramco told Al-Arabiya that the location and date of the bid depended on the market situation and the decision of the issuer.
JP Morgan, Morgan Stanley and HSBC were chosen to take the lead in the largest IPO in the world at the announcement of the plan in 2016.
Aramco also instructed investment banks Molise & Co. and Evercourt to act as independent advisers.
Sources told Bloomberg that global banks were heading to Saudi Arabia to bid for the IPO of Aramco, the largest in the world.
Aramco had invited 20 US, European and Asian banks to bid in 2020, the sources said.
Aramco, which made a profit of nearly $ 47 billion in the first six months of this year, has resumed preparations for a public offering on its shares after being postponed to finalize the deal. acquisition of 70% of SABIC.
Lazard and Moelis & Co should play a key role in selecting participating banks and subscribers.
Aramco plans to offer 5% of its shares to the public in 2020 or 2021, a process that is expected to be the largest in the world.
The company hopes to raise up to $ 100 billion on the basis of an estimated value of $ 2 trillion.
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