Saudi regulators on Sunday approved state energy giant Aramco's request to make its stock market debut, firing the starting gun on the highly anticipated offering which could be the world's largest, Eurasia Diary reports citing AFP.
The announcement paves the way for a domestic stock listing of Aramco, with share trading expected to begin in December, while its plans to launch on an international bourse remain unclear.
The listing of the world's most profitable company forms the linchpin of Crown Prince Mohammed bin Salman's ambitious plans to overhaul the oil-reliant economy, with tens of billions of dollars needed to fund megaprojects and new industries.
The Capital Markets Authority "has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco)... application for the registration and offering of part of its shares," the regulator said in a statement.
Sources close to the initial public offering (IPO) have told AFP that Aramco is expected to sell a total of five percent on two exchanges, with a first listing of two percent on the Tadawul Saudi bourse in December.
That would be followed next year by a three percent listing on an overseas exchange, which has yet to be picked, they said in recent days.
