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DUBAI/RIYADH, Nov 5 (Reuters) - The Saudi government will besubject to a one-year restriction on selling additional Aramcoshares in the oil company after a planned initial publicoffering (IPO), three sources familiar with the matter said.
The government is looking to list 2% of the company on theSaudi bourse rather than listing the entire share capital on theexchange, the sources said.
Normally public companies list the entire share capital onthe exchange and have a portion of that as free float.
Aramco was not immediately available to comment.
Aramco, the world's most profitable company, fired thestarting gun on a domestic IPO on Sunday, in what could be theworld's biggest listing as the kingdom seeks to diversify itseconomy away from oil.
Sunday's statement said Aramco and the selling shareholderwill be subject to restrictions on the sale, disposition orissuance of additional shares, but did not provide the lockupperiod.
Aramco roadshows will begin Nov. 18 and final pricing isscheduled for Dec. 5, sources said, adding Aramco is expected tostart trading on Dec. 11.
(Reporting by Hadeel Al Sayegh and Marwa Rashad; Writing bySaeed Azhar; editing by David Evans) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; ReutersMessaging: saeed.azhar.reuters.com@reuters.net))
