The Saudi oil giant Aramco was allowed to go on exchange

Саудовскому нефтяному гиганту Aramco разрешили выйти на биржу

Concern Aramco expects to attract $ 100 billion. In total he will propose to accommodate five percent of the shares.

Saudi oil concern Aramco after repeated delays received permission to go on exchange. The Board of Directors on the capital market of Saudi Arabia (CMA) has approved an initial public offering (IPO) of Saudi Aramco. This is stated in the message the CMA, published on Sunday, November 3.

The IPO will take place on the Saudi stock exchange Tadawul. Oil company plans to offer 5 percent shares to raise $ 100 billion. Previously any doubt that the most profitable enterprise in the world estimated at $ 2 trillion as it calculates the actual head of Saudi Arabia’s crown Prince Mohammed bin Salman.

Bidding for Aramco on Tadawul will begin on the 11th of December. Placement of shares on the stock exchange Aramco is the Central point of the plan bin Salman for large-scale restructuring of the Saudi economy, called Vision 2030. The purpose of this plan is to make Saudi Arabia less dependent on oil. Originally it was planned that Aramco will go public in 2017.