Saudi Aramco, the world's largest oil exporter, said on Sunday that the company will launch its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
Chairman of Saudi Aramco and governor of the Public Investment Fund, Yasser al-Rumayyan spoke in a conference on Sunday.
“I am honored to announce that Saudi Aramco will become a listed company on the Saudi Stock Exchange,” he said.
The purpose of the IPO, potentially the biggest ever, is to put Saudi Arabia on the fast track to diversifying its economy away from oil.
Rumayyan stressed that the local listing was a reflection of a strong global position.
"Listing Aramco on Tadawul proves its strong position among global markets," he said.
Amin H. Nasser, the president and CEO of Aramco, said: "This is transformational and historic moment for Saudi Aramco."
He stressed Aramco's "disciplined financial approach and prudent and flexible balance sheet."
The company said Saudi nationals subscribing to the listing will be eligible to receive bonus shares.
It further reported a net income of $68 billion for the nine months that ended September 30.
The company's revenues and other income related to sales stood at $244 billion in the same period.
