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Saudi prince: Aramco stake sale won't be far off 5 pct, will happen in 2018
May 2, 2017 / 7:06 PM / 3 months ago

Saudi prince: Aramco stake sale won't be far off 5 pct, will happen in 2018

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RIYADH, May 2 (Reuters) - The planned sale of a stake in national oil giant Saudi Aramco will occur through an initial public offer of shares in 2018, and the stake sold "will be not be very far off 5 percent", Deputy Crown Prince Mohammed bin Salman said on Tuesday.

Prince Mohammed was speaking in a nationally televised interview, a year after he launched a series of radical economic reforms including the partial privatisation of Aramco.

"We have two main factors to decide the percentage to be listed...First the demand, whether there will be demand or not. Second, what do we have in terms of investments in the pipeline inside Saudi or outside," Prince Mohammed said, referring to opportunities to invest proceeds of the IPO.

The proceeds will be invested by the kingdom's Public Investment Fund, its top sovereign wealth fund, which will spend more than 500 billion riyals ($133.3 billion) over three years after Aramco's IPO, Prince Mohammed said. (Reporting by Gulf team; Writing by Rania El Gamal; Editing by Andrew Torchia)

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