Ryad (AFP)

Aramco confirmed Sunday its intention to go public on the stock market in Ryad, describing this operation as a "significant step" in the history of the Saudi oil giant.

"Saudi Aramco confirms its intention to enter Tadawul, the Saudi Arabian Stock Exchange," the company said on Twitter.

The price of the final offer and the number of shares for sale "will be determined at the end of the development period of the transaction," said Aramco on a website dedicated to the IPO.

"This is a significant milestone in the company's history and a significant step forward in the realization of" Vision 2030, "the kingdom's master plan for sustainable economic diversification and growth," said the council's president. Aramco's administration, Yasir al-Rumayyan, in a statement.

"Vision 2030" is a plan initiated by Saudi Crown Prince Mohammed bin Salman to diversify the economy of an ultra-dependent oil country.

Aramco is expected to sell a total of 5% of its capital, including 2% during its stock market baptism on Tadawul, said earlier this month sources close to the case at AFP.

The company did not give Sunday of precision on its entry on an international financial center.

oh-sls / mh / cgo

© 2019 AFP