Less than 5 per cent of Aramco to be sold: Saudi deputy crown prince

Send a link to a friend  Share

[April 25, 2016]  RIYADH (Reuters) - Saudi Arabia plans to sell less than 5 percent of its state oil giant Saudi Aramco [SDABO.UL] via an initial public offering (IPO), Deputy Crown Prince Mohammed bin Salman said in a television interview on Monday.

He also said he expected Aramco to be valued at more than $2 trillion, and that he wanted it to be transformed into a holding company with an elected board, and then added that subsidiaries of the company would also be sold by IPO.

"The 5 percent is from the parent company," he said on television.

(Reporting By Angus McDowall)

[ 2016 Thomson Reuters. All rights reserved.]

Copyright 2016 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Back to top