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Saudi Crown Prince Approves Announcement of Aramco IPO on Sunday

“The world’s top oil company will announce its intention to float (ITF) on Nov 3, the sources added” reports straitstimes.com. Although Crown Prince Mohammed put a US$2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco’s value is closer to US$1.5 trillion.DUBAI/RIYADH (REUTERS) – Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday (Nov 1) agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.Prince Mohammed wants to eventually list a total of 5 per cent of the company.
 
Source: straitstimes.com



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