RIYADH/SAUDI ARABIA – Saudi Arabia’s Crown Prince Mohammed Bin Salman on Friday agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.
The world’s top oil company will announce its intention to float (ITF) on November 3, the sources added.
“The crown prince finally gave the green light”, one source said.
Aramco declined to comment.
Saudi Aramco officials and advisers have held last-minute meetings with investors over the past few days in an attempt to achieve as close to a $2 trillion valuation as possible ahead of an expected listing launch on Sunday, according to sources.
The final meeting by the Saudi government on Friday evening was to decide whether to go ahead with the listing.
Although Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco’s value is closer of $1.5 trillion.
At the price, Aramco would still be worth at least 50% more than the world’s most valuable companies, Microsoft and Apple, which each have a market capitalization of around $1 trillion.
Riyadh is looking to list a 1%-2% stake on the Saudi stock market to raise at least $20 billion – $40 billion.
If the deal exceeds $25 billion, Aramco will become the biggest IPO in the world, topping Alibaba’s $25 billion IPO in 2014.
The listing is the centerpiece of the crown prince’s plans to shake up the Saudi economy and diversify away from oil. But there have been various delays since it was first announced in 2016.
Prince Mohammed wants to eventually list a total of 5% of the company. An international sale is expected to follow the domestic IPO.
Analyst’s meetings with top institutional investors are likely to begin on Sunday, another source said.
The state-owned oil major has also approached government in the Gulf and Asia, including China, to try to secure the bulk of the investment from countries on friendly terms with Saudi Arabia, as the reception elsewhere has been cooler, sources have previously said.
- SAUDI ARABIA | Three Performers Stabbed At Saudi Entertainment Event: State TVRIYADH/SAUDI ARABIA – A man stabbed three performers at a live show in Saudi Arabia’s capital and was arrested, state television reported on Monday, adding that the victims were in stable condition. The incident occurred at King Abdullah Park in central Riyadh, one of several venues hosting a two-month long entertainment festival as part of … Read more
- BREAKING NEWS | Saudi Arabia Grants First Permanent Residencies To ForeignersRIYADH/SAUDI ARABIA – Saudi Arabia has granted “premium” residency to 73 foreigners as part of its efforts to attract foreign investment into the country. The Kingdom said it received thousands of applications after offering permanent residency for a one-time fee of 800,000 riyals (U.S. $213,301), and an annual renewable “premium” residency for 100,000 riyals per … Read more
- BREAKING NEWS | Saudi Arabia To Inaugurate Diriyah Gate: A New Cultural, Lifestyle Tourism DestinationRIYADH/SAUDI ARABIA – The restoration and re-imagining of Diriyah, a sweeping 18th century adobe city that once served as the capital and stronghold of the first Saudi state, will be officially inaugurated on November 19. This cornerstone-laying event comes as the Kingdom continues its pioneering plans to welcome visitors from near and far, and underlines … Read more
- BREAKING NEWS | HRH Crown Prince Mohammed Bin Salman Bin Abdulaziz Al Saud Congratulates President Of Poland On Republic ProclamationRIYADH/SAUDI ARABIA, November 10, 2019 – His Royal Highness Prince Mohammed Bin Salman Bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulations to President Andrezej Duda of the Republic of Poland on the anniversary of his country’s Proclamation of the Republic. In the cable, HRH … Read more
- BREAKING NEWS | HRH Crown Prince Mohammed Bin Salman Congratulates UAE President On Re-Electing Him As President Of UAE’s Supreme Council Of The UnionRIYADH/SAUDI ARABIA – His Royal Highness Prince Mohammed Bin Salman Bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulations to President Sheikh Khalifa bin Zayed Al Nahyan of the United Arab Emirates on the occasion of re-electing him as President of the UAE’s Supreme Council … Read more
- Custodian Of The Two Holy Mosques Receives Cable Of Congratulation On Riyadh Agreement From Emir Of KuwaitRIYADH/SAUDI ARABIA – The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Receives a cable of congratulations from Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of the State of Kuwait on the occasion of signing the Riyadh Agreement between the Yemeni Legitimate Government and the Southern Transitional Council at invitation of the Custodian of … Read more
- Kingdom of Saudi Arabia| Riyadh Region Governor Receives Romanian AmbassadorRIYADH/SAUDI ARABIA, November 2, 2019 – – Prince Faisal Bin Bandar Bin Abdulaziz, Governor of Riyadh Region, received Wednesday Romanian Ambasador of the Kingdom of Saudi Arabia Mihail Constantin Coman. During the meeting, they discussed issued of mutual interest.
- BREAKING NEWS | UAE Welcomes Riyadh Agreement Between Government Of Yemen And Southern TransitionalRIYADH/SAUDI ARABIA – The United Arab Emirates has welcome the Riyadh Agreement, signed between the Government of Yemen and the Southern Transitional Council, and affirmed its support for all efforts that serve the interests of the brotherly Yemeni people and contribute to the stability and security of Yemen. A statement by the Ministry of Foreign … Read more
- BREAKING NEWS | HRH Prince Mohammed Bin Salman Commends UAE’s Sacrifices In YemenRIYADH/SAUDI ARABIA – Prince Mohammed Bin Salman Bin Abdul Aziz, Saudi Crown Prince, Deputy Prime Minister and Minister of Defense, expressed appreciation of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the nobles sacrifices made by the UAE along with … Read more
- BREAKING NEWS | Mohammed Bin Salman, Mohamed Bin Zayed Review Yemen’s Latest DevelopmentsRIYADH/SAUDI ARABIA – His Highness Prince Mohammed Bin Salman Bin Abdulaziz, Crown Prince, Prime Minister and Minister of Defense and His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, deliberated the prospects for consolidating the brotherly relations between the two countries across … Read more
- BREAKING NEWS | Mohamed Bin Salman, Mohamed Bin Zayed Attend Signing Of Riyadh AgreementRIYADH/SAUDI ARABIA – His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince, Deputy Prime Minister and Minister of Defense, today attended the signing of the Riyadh Agreement between the Yemeni Government and the Southern … Read more
- KINGDOM OF SAUDI ARABIA| SFDA: Johnson&Johnson’s Baby Powder is Free of Asbestos in Saudi ArabiaRIYADH/SAUDI ARABIA – After U.S. FDA test found that a sample from one lot of the product contains chrysotile fibers, a type of asbestos, Saudi Food and Drug Authority (SFDA) confirmed the safety of Johnson & Johnson Baby Powder. SFDA clarified that U.S. FDA initiates a voluntary recall of LOT 22318RB of Johnson’s Baby Powder … Read more