RIYADH -- Saudi regulators on Sunday approved state energy giant Aramco's request to make its stock market debut, firing the starting gun on the highly anticipated offering which could be the world's largest.
The Capital Markets Authority "has issued its resolution approving the Saudi Arabian Oil Company ... application for the registration and offering of part of its shares," the regulator said in a statement. If confirmed, that would imply the kingdom is ready to accept a compromise of less than the $2 trillion that the crown prince has long insisted the state oil giant is worth.
Aramco, which pumps around 10 percent of the world's oil, is the most profitable company globally and is seen as the kingdom's crown jewel and the backbone of its economic and social stability.
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