Saudi Crown Prince approves Aramco IPO kick-off on Sunday


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Saudi Crown Prince approves Aramco IPO kick-off on Sunday

On Friday, the 1st of November, Saudi Arabia’s Crown Prince, Mohammed bin Salman had confirmed that a planned Initial Public Offering (IPO) in the domestic market of Saudi’s state-controlled oil giant and the world’s most profitable company by revenue according to unaudited data, Aramco would be announced as early as by Sunday (November 3rd), at least five sources with knowledge regarding the issued had unveiled on Friday (November 1st), as one of the sources said, “The crown prince finally gave the green light.

” Nonetheless, while being asked about the subject-matter an Aramco spokesman had declined to comment over the issue. In point of fact, over the past couple of days, officials of Saudi Aramco had been engaged in a last-ditch talk with potential investors aimed at raising an IPO valuation as close as to $2 trillion, said one of the sources, but the talks would unlikely to bear fruits amid a strong US inventory build, as a US crude oil price of $60 per barrel was a minimum requirement for Saudi Aramco to pay its stakeholders a dividend of $75 billion by next year.

Besides, a final meet between investors and the Saudi Government had already been taken place on Friday (November 1st) night, but the outcomes were yet to be disclosed, confirmed two of the five sources.