BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - World's largest oil company Saudi Aramco's initial public offering is on track and the listing will be in the second half of 2018, CEO Amin Nasser said in an exclusive interview with CNBC. There have been reports that the much awaited IPO might be delayed by one year.
Nasser said the listing venue will be discussed and shared in due course. The company with a projected valuation of $2 trillion is expected to offer around 5 percent of the shares.
According to Nasser, the IPO would help grow private business share of the economy, create more small and medium sized businesses and to boost industrialization and employment. This change will promote women to join workforce.
The IPO is expected to create world's biggest sovereign wealth fund and thus to reduce Saudi's reliance on hydrocarbon wealth.
The oil giant might reveal more details of the IPO at the Future Investment initiative to be held on October 24 to 26 at the King Abdul Aziz International Conference Center and The Ritz-Carlton, Riyadh. Saudi's crown prince Mohammad bin Salman will open the investment conference.
Copyright RTT News/dpa-AFX