Saudi Minister of Economy: Aramco is ready for public subscription

Saudi Economy Minister Mohammed al-Tuwaijri said yesterday that Aramco was "fully prepared" for the public offer, but that "long" regulatory measures needed to be completed before its shares are placed on the market. Saudi Crown Prince Mohammed bin Salman said this month in an interview with Bloomberg that his country was planning to place Aramco shares in the financial market by 2021, Energy, Industry and Mineral Resources Khalid Al Faleh Same thing.

"In terms of readiness, the company is fully prepared for the best international standards and all the financial requirements for the IPO are ready and a new board of directors has been appointed for the company," Al said. -Tuwaijri during a session of the Investment Future Initiative forum. "Long regulatory actions need to be completed," he said, particularly with regard to the proposed equity investment in the Saudi petrochemical company SABIC.

Aramco has entered into preliminary negotiations to acquire the entire public investment fund of Saudi Basic Industries Corporation (SABIC) to diversify its own assets in a transaction of more than $ 70 billion. A 5% stake in Aramco is expected to be floated on the stock exchange, which is expected to be the largest IPO in the world.

"The sale of a stake in SABIC in Aramco is subject to regulatory requirements," Faleh said, citing Al-Falih. Aramco President Amin al-Nasser recently announced that the company's proposed acquisition of SABIC would take time due to foreign antitrust rules.