Saudi Aramco plans to sell up to 49% over 10 years

The company is targeting 2018 for what is expected to be the world’s biggest IPO



State oil giant Saudi Aramco plans to sell 49 per cent of its shares over the next 10 years, Saudi newspaper al-Eqtisadiah reported on Saturday, quoting an unnamed senior source.

Aramco did not immediately respond to a request for comment.

The company is targeting 2018 for what is expected to be the world’s biggest initial public offering, with a listing at home and overseas among the options.

Read more: Saudi Aramco eyes 2018 for mega IPO – CEO

Aramco’s chief executive Amin Nasser said in October that a flotation of up to 5 per cent was being considered, though the exact size of the offering will be determined by the Saudi Supreme Council.