The Capital Market Authority (CMA) of Saudi Arabia permitted Saudi Aramco to launch its initial public offering (IPO) on November 3, creating the most valuable listed firm worldwide, Reuters reported.

The CMA said its board “has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) application for the registration and offering of part of its shares,” adding that the approval would remain valid for six months.

The statement from the CMA did not provide any details about a time frame or how much Aramco would sell. However, the company is expected to offer 1-2% of its share, sources told Reuters.

Aramco mentioned in a statement that the price and number of the sold shares as well as their percentage will be determined at the end of the registration period, adding that the company plans to announce cash dividends to ordinary shares of at least $75 billion in 2020, according to Ahram gate.

Amin Al Nasser, Aramco CEO, welcomed the joining of new shareholders, stating that “including Aramco in the Saudi Stock Exchange is a historical moment that proves Aramco’s strong position globally.” Al Nasser added that “Aramco will continue fulfilling the global demand on oil after the listing.”

The listing announcement was supposed to happen on October 20, yet it was delayed after Aramco began the 70%-stake acquisition deal in Saudi Basic Industries Corporation (SABIC), according to Aramco.

Crown Prince Mohammed bin Salman gave the green light for Aramco’s IPO on November 1. Aramco will release the IPO prospectus on November 10.

It is worth mentioning that Aramco’s IPO comes in line with bin Salman’s economic reform agenda to diversify the Kingdom. Moreover, Aramco received the IPO approval after seven weeks of the attack on its oil facilities.