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Aramco: IPO Timing Depends on 'Market Conditions'

Aramco: IPO Timing Depends on 'Market Conditions'

Monday, 21 October, 2019 - 05:30
Riyadh - Asharq Al-Awsat
Saudi Aramco said Sunday the timing of its long-awaited stock market debut "will depend on market conditions.”

"The company continues to engage with the shareholders on IPO readiness activities," Aramco said in a statement to AFP.

"The company is ready and timing will depend on market conditions and be at a time of the shareholders' choosing," it said.

The latest news comes after Aramco chairman Yasir al-Rumayyan told a Saudi-Russian forum in Riyadh last week that the oil giant will announce its long-awaited stock market debut "very, very soon.”

In April, Aramco got its first credit ratings, and said that the company made a whopping $111 billion in 2018.

The world’s top oil producer also reported in August its first-half net income of $46.9 billion.

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