Saudi Aramco is ready for IPO - senior executive

Published On: August 12, 2019 07:45 PM NPT By: Reuters

DUBAI, August 12: Saudi Aramco is ready for its initial public offering, but a timing for the deal will be decided by its sole shareholder, the Saudi government, a senior executive said on Monday.

“We will announce (the IPO) depending on their (the government’s) perception on what would be the optimum market condition,” Khalid al-Dabbagh, senior vice president of finance, strategy and development, told an earnings call.

Saudi officials have said the government plans to list Aramco in 2020-2021, a deal seen as the centrepiece of the kingdom’s economic transformation drive to attract foreign investment and diversify away from oil.


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