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Aramco IPO still on cards, to take place by early 2021: Saudi crown prince

The planned listing of the world's biggest oil producer was to be the cornerstone of the kingdom's promised economic overhaul


Saudi Arabia's crown prince insisted the stalled plan to sell shares in oil giant Aramco will go ahead, promising an initial public offering by 2021 and sticking to his ambitious view the state-run company is worth $2 trillion or more, Bloomberg reported on Friday. "I believe late 2020, early 2021," he said, discussing the timing of the IPO in an interview with Bloomberg at the royal palace in Riyadh. "The investor will decide the price on the day. I believe it will be above $2 trillion. Because it will be huge." Aramco declined to comment. For the ...

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First Published: Fri, October 05 2018. 23:56 IST