Saudi regulators on Sunday approvedstate energy giant Aramco's request to make its stock market debut, firing thestarting gun on the highly anticipated offering which could be the world'slargest.
The Capital Markets Authority didnot give any details of the Initial Public Offering (IPO) but it is expected tobegin trading in mid-December.
The markets regulator "hasissued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco)...application for the registration and offering of part of its shares," itsaid in a statement on its website.
The sale, which could value thecompany at up to $1.7 trillion, is the linchpin of Crown Prince Mohammed binSalman's plan to revamp the economy and wean it off a decades-long dependenceon oil.
Sources close to the IPO have toldAFP that Aramco is expected to sell a total of five percent on two exchanges,with an initial listing of two percent on the Tadawul Saudi bourse in December.
That will be followed next year by athree percent listing on an overseas exchange, which has yet to be picked.
Aramco was expected to launch thefirst part of the two-stage IPO in October, but the process has been delayed,reportedly due to the prince's dissatisfaction with the valuation of the firm,which fell short of the hoped for $2 trillion. - AFP