Long-awaited Aramco stock market debut on Dec 11

Dubai: Energy giant Saudi Aramco will make its long-awaited debut on the Riyadh stock market on December 11, Saudi-owned Al-Arabiya television said on Tuesday.

The broadcaster, citing unnamed sources, said the Saudi exchange will announce on November 3 a timetable for the initial public offering including the release on November 17 of the targeted share price.

"Aramco IPO will begin on December 4," at which point investors can subscribe to the giant offering, the sources said, adding that the shares would then start trading on the Saudi Tadawul exchange on December 11.

The IPO forms the cornerstone of a reform programme conceived by the kingdom's de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.

Aramco was expected to launch the first part of a two-stage IPO earlier in October but decided to push the trading date back to December or January, reportedly to factor in quarterly earnings, and also amid problems with the valuation.