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Saudi Aramco replaces chairman with head of wealth fund

Sep 03, 2019
1 min read
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Saudi Aramco has appointed Yasser Othman Al-Rumayyan, head of Saudi Arabia’s sovereign wealth fund as its new chairman, replacing Energy Minister Khalid Al Falih. 

Saudi Energy Minister Khalid Al Falih said the appointment of the Governor of Public Investment Fund comes as an important step to prepare the company for an initial public offering (IPO), according to a tweet. 

Saudi Aramco officials last week said it is looking to relaunch plans for its IPO, which would be the world’s largest ever offering, but the sole stakeholder – the government- would decide on the timing.

A two-step listing is also being considered with US$50 billion worth of stock to be listed on the Saudi exchange something this year, with a follow-on offering on an international exchange in 2020 or 2021, according to The Wall Street Journal.

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