November 3, 2019 / 6:58 AM / 10 days ago

Saudi Aramco announces intention to float on Riyadh bourse

DUBAI, Nov 3 (Reuters) - Saudi Arabia’s state oil company kickstarted its initial public offering (IPO) on Sunday by announcing its intention to float on the Riyadh bourse as the kingdom seeks to create the world’s most valuable listed company.

The world’s largest oil firm said in a statement that the price at which all subscribers in the offering will purchase shares, the number of shares to be sold and the percentage of the shares to be sold would be determined at the end of the book-building period.

Aramco said it intends to declare aggregate ordinary cash dividends of at least $75 billion with respect to the 2020 calendar year. (Reporting by Saeed Azhar and Davide Barbuscia; Editing by Ghaida Ghantous)

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