Saudi Aramco aims to announce the start of its initial public offering (IPO) on November 3, three people with direct knowledge of the matter said. Reuters, after delaying the agreement earlier this month to give advisors time to secure fundamental investors.
Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, the managing director of the sovereign wealth fund, Farouk Bastaki, said Tuesday.
"Aramco or its advisors to the OPV have not approached KIA, and KIA will see it as any other investment," Bastaki told reporters outside an investment conference in Riyadh.
People also said that Aramco's chief executive, Amin Nasser, was not present at the conference on Tuesday, as he was meeting with investors abroad before the offer.
Aramco, in response to inquiries from ReutersHe said Tuesday that the oil company "does not comment on rumors or speculation." The company continues to collaborate with shareholders in IPO preparation activities. The company is ready and the time will depend on market conditions and will be at the moment the shareholders choose. "
People declined to be identified due to commercial sensibilities.
Aramco will begin subscription for investors in its initial public offering on December 4, Saudi-owned news channel Al-arabiya He said in a news flash on Tuesday citing sources.
The oil giant plans to announce the price of the transaction on November 17, he added. The company will start trading on the local stock market, Tadawul, on December 11, the station said.
The company will soon have more shareholders of institutions, said the head of the sovereign fund of the kingdom, Yassir al-Rumayyan.
Al-Rumayyan, governor of the Public Investment Fund (PIF) and chairman of the board of directors of Aramco, spoke at a panel at the conference in Riyadh.
Source: https://www.dawn.com/news/1513588/saudi-aramco-aims-to-begin-planned-ipo-on-november-3-sources