Saudi Aramco will be ready for its planned initial public offering (IPO) in the second half of 2018, Amin Nasser, Chief Executive Officer, reiterated in an interview at the World Economic Forum in Davos.
Francine Lacqua, he said: “We want to list internationally, and that is where the consideration is happening. We did a lot of work in the stock exchange in London, New York, Tokyo, Hong Kong stock exchange, and each one has its advantages.”
"The transaction team is currently waiting for a decision from the shareholder, which is the government, on the venues that we will be listed," he said.
He said the IPO will definitely be listed in Saudi Arabia and it is prepared for it. "But where else outside of Saudi Arabia? We hopefully will be listed by the second half of 2018. But that all depends on the decision on the second venue," he said in the interview.
He stated that the post-IPO tax burden will shift with oil prices. "Royalty, for the time being, has stayed at 20 percent. There will be some iteration that will happen when the prices change in the markets, but all of the details of the shares will be in the prospectus. We cannot discuss it at this stage … But it will come in due course.”