Equities

Reuters exclusively reports Saudi plans gradual listing at home for Aramco

Reuters exclusively reports Saudi plans gradual listing at home for Aramco

Reuters reported exclusively that Saudi Arabia plans to list 1% of state oil giant Saudi Aramco on the Riyadh stock exchange before the end of 2019 and another 1% in 2020. Crown Prince Mohammed bin Salman eventually wants around 5% of the company to be public as the centerpiece of his plan to diversify the Saudi economy away from oil, attract foreign investments and create jobs. But rather than go straight for an IPO on an international stock market, the company is planning a gradual listing at home first, Reuters sources said.