The Saudi Stock Exchange (Tadawul) welcomed on Sunday Saudi Aramco’s intention to proceed with an initial public offering (IPO) on the main market, it said in a statement.
This affirms Tadawul’s capabilities and readiness to become the listing venue for, what is expected to be, the largest IPO in history, the statement added.
“We are proud that Saudi Aramco has selected Tadawul as the platform for the intended listing of its shares,” Khalid Al Hussan, CEO of Tadawul, said.
“Tadawul and all its systems are ready to receive the largest listing in the history of financial markets, which will mark a major milestone in our journey and bolster our position among international stock exchanges,” he added.
Al Hussan further added that the listing of Saudi Aramco’s shares is a major event for Tadawul and a significant milestone towards the realization of Vision 2030.
“We will make every effort, alongside our partners in the Saudi capital market, to ensure this listing is a success and secures Tadawul’s position as a leading international stock exchange,” he said.
Over the past two years, Tadawul and the Capital Market Authority (CMA) have worked together to improve the Saudi capital market’s functionality and efficiency, develop its infrastructure, and promote sounder governance and transparency standards in line with international best practices, Tadawul further added.
Capital market reforms and market enhancements implemented over the past two years have paved the way for Emerging Markets index inclusions.
This also reflects Tadawul’s continued commitment to enhance the effectiveness of the Saudi Capital market, foster an attractive investment environment for local and international investors, and align its regulatory frameworks with international best practices, the Tadawul statement concluded.
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