JEDDAH: Well-placed industry sources confirmed on Saturday that Saudi Aramco will sell shares in the “entire business” and not just in its refining or distribution operations. As reported earlier, the company plans to sell a stake of approximately 5 percent — a move that, experts say, could value the company in the trillions of dollars and could result in its overtaking Apple Inc. as the world’s largest listed company.
The 5 percent sale was first announced by Deputy Crown Prince Mohammed bin Salman in April; it is part of Saudi Vision 2030 which aims to reduce dependence on oil revenues. The oil giant will decide “very soon” on the list of investment banks and advisers to handle the flotation, Saudi Aramco CEO Amin H. Nasser told Bloomberg in Bahrain two days ago.
