FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
DUBAI (Reuters) – Saudi Arabia’s market regulator approved on Sunday Saudi Aramco’s application to list on the domestic stock market as the kingdom seeks to diversify and create the world’s most valuable listed company.
Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia’s determination to push on with the listing regardless.
The IPO of the world’s most profitable company is designed to turbo charge Crown Prince Mohammed bin Salman’s economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks.
The Capital Market Authority said its board “has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) … application for the registration and offering of part of its shares.”
Reporting by Saeed Azhar and Davide Barbuscia; editing by Ghaida Ghantous