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Saudi Aramco to list shares on local exchange on Dec 11: report

Dubai — Saudi Aramco, the state-owned company seeking to sell up to a 5% stake in an IPO, will list its shares on the local Saudi exchange on December 11, with a final price for the flotation set to be announced on December 4, Saudi-owned Al Arabiya TV reported on Tuesday.

The Capital Market Authority, the country's financial regulator, will announce the launch of the Aramco IPO on November 3, according to a report on the Al Arabiya TV's website, citing unnamed sources. The report didn't mention the size of the stake to be listed on the local exchange, known as Tadawul. Aramco couldn't be reached immediately for comment.

Saudi Crown Prince Mohammed bin Salman has said he wants a local and international listing for Aramco, which he has valued at $2 trillion, but some analysts are skeptical the company could fetch such a price.

Saudi officials have yet to choose an international jurisdiction for Aramco, but Aramco CEO Amin Nasser has said the local listing will be the "primary" one.

The IPO, which was supposed to take place in 2018, was delayed partly to allow Aramco to finalize the $69 billion acquisition of a 70% stake in SABIC, the Middle East's largest petrochemical company, Saudi officials have previously said.

The Aramco IPO is a cornerstone of the Crown Prince's Vision 2030, the economic roadmap to wean the kingdom off oil income.

--Dania Saadi, dania.el.saadi@spglobal.com

--Edited by Kshitiz Goliya, kshitizgoliya@spglobal.com