Saudi Aramco won't breach maximum weight for firms in Saudi index: Argaam - Reuters:
Saudi Aramco’s weighting in Saudi Arabia’s main stock index once the oil giant has listed shares is not expected to breach the maximum limit set by the Gulf kingdom’s Tadawul exchange, a senior executive said on Sunday.
“There is a ceiling for the maximum weight any listed company on the Saudi index can reach, it will be around 15%. It is unlikely that Aramco’s weight will reach the maximum level,” Argaam financial website quoted Tadawul chief executive, Khalid al-Hussan, as saying.
Saudi Aramco plans to sell 1.5% of the company to raise $25.6 billion in a deal that is the centerpiece of Crown Prince Mohammed bin Salman’s plan to raise funds to help diversify the kingdom’s oil-dependent economy.
Saudi Aramco’s weighting in Saudi Arabia’s main stock index once the oil giant has listed shares is not expected to breach the maximum limit set by the Gulf kingdom’s Tadawul exchange, a senior executive said on Sunday.
“There is a ceiling for the maximum weight any listed company on the Saudi index can reach, it will be around 15%. It is unlikely that Aramco’s weight will reach the maximum level,” Argaam financial website quoted Tadawul chief executive, Khalid al-Hussan, as saying.
Saudi Aramco plans to sell 1.5% of the company to raise $25.6 billion in a deal that is the centerpiece of Crown Prince Mohammed bin Salman’s plan to raise funds to help diversify the kingdom’s oil-dependent economy.
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