The Crown Prince of Saudi Arabia, Mohammed bin Salman, has expressed his commitment to go through with the anticipated initial public offering (IPO) of Saudi Aramco.
“We are committed to the IPO of Saudi Aramco, but under the appropriate circumstances and in a timely manner,” the Crown Prince said in an interview with Asharq Al-Awsat.
The Crown Prince reiterated his previous expectation that the IPO will happen between 2020 and the beginning of 2021, however, he did not disclose further details on setting the stock exchange or the location of the IPO.
“Much of the work has been successfully completed, and the timeframe for the offering will depend on several factors including market conditions for the IPO, given its size, and Aramco’s acquisition of a majority stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF),” bin Salman added.
Saudi Aramco recently revealed that its first-ever earnings call has been scheduled for August.
The company announced in April that it has achieved a net income of around $111 billion during 2018, making it the world’s most profitable company.