‘Historic moment’: Saudi Arabia’s Aramco officially kick-starts IPO procedure ...News

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‘Historic moment’: Saudi Arabia’s Aramco officially kick-starts IPO procedure
source : Russia Today ( News ) () 75
Saudi oil giant Aramco has kick-started a formal procedure for its much-anticipated initial public offering (IPO), boosting the kingdom’s development plans and paving the way for it to diversify its economy. Riyadh’s Capital Market Authority (CMA) has approved Aramco’s application “for the registration and offering of part of its shares,” the regulator confirmed on Sunday. It did not set the time frame for the IPO of the company, only saying the listing request will be carefully reviewed to rule out “high risk.” Aramco has also confirmed the listing but did not expand on how much of the company it would sell. It is estimated, however,

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