Thursday, October 06, 2016

Saudi Aramco IPO will offer stake in all of company’s operations

BAHRAIN (Bloomberg) -- The world’s biggest oil company is planning to sell shares in the entire business and not just in its refining or distribution operations, its CEO said in an interview.

Saudi Arabian Oil Co., known as Saudi Aramco, will announce “very soon” a list of investment banks and consultants advising it on the initial public offering, CEO Amin Nasser said in Bahrain. without specifying a date. It plans to list shares on the Saudi stock market and is also considering foreign bourses in London, Hong Kong and New York, he said. Its plan to sell a stake of about 5% could value the company in trillions of dollars.

“We need to do a lot of internal work to prepare for this listing,” Nasser said. “We are listing a part of the entire company, and not just downstream,” he said ....