AFP, Riyadh :
The head of Saudi oil giant Aramco has said a much-anticipated IPO is on track for 2018, but declined to give a fixed date-or venue.
“We should be ready for listing in the second half of 2018,” CEO Amin Nasser told Bloomberg Television on Monday, conceding that the oil giant was looking at a “complex process”.
“There’s a lot of work that is still ongoing, the IPO is ongoing,” Nasser said.
“The venue and the timing is the government… Don’t forget this is a very complex process. Aramco’s size and complexities is something that requires time.”
Saudi authorities plan to list five percent of Aramco on an as-yet unspecified stock market, but the company has struggled to arrive at a $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.
The head of Saudi oil giant Aramco has said a much-anticipated IPO is on track for 2018, but declined to give a fixed date-or venue.
“We should be ready for listing in the second half of 2018,” CEO Amin Nasser told Bloomberg Television on Monday, conceding that the oil giant was looking at a “complex process”.
“There’s a lot of work that is still ongoing, the IPO is ongoing,” Nasser said.
“The venue and the timing is the government… Don’t forget this is a very complex process. Aramco’s size and complexities is something that requires time.”
Saudi authorities plan to list five percent of Aramco on an as-yet unspecified stock market, but the company has struggled to arrive at a $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.
