Saudi Aramco News: IPO Approved by Saudi Arabia - Bloomberg:
Saudi Arabia finally kicked off what could be the world’s biggest initial public offering, revealing potential tax cuts and dividends to lure investors.
More than three years after Crown Prince Mohammed bin Salman first raised the idea -- and just three weeks after a plan to launch the share sale was abruptly delayed -- oil giant Saudi Aramco announced its intention on Sunday to list shares on the local stock exchange in Riyadh. The shares are likely to start trading in December.
Aramco’s valuation will be determined during the investor roadshow and book-building for the initial public offering, Chairman Yasir Al-Rumayyan said at a news conference at Aramco’s headquarters in the eastern city of Dhahran.
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