Riyadh – Mubasher: Saudi Aramco has appointed Motassim al-Maashouq to officially supervise preparations for its initial public offering (IPO), Reuters reported on Monday.
Industry sources told the news agency that Maashouq has filled in the position of vice president of IPO development.
Recently, the veteran worked as vice president of corporate planning and is well connected with the financial community, according to industry insiders.
“Saudi Aramco said it did not comment on rumour or speculation,” Reuters stated.
Moreover, Yasser Mufti replaced Maashouq for an interim period as the acting vice president of corporate planning.
The news agency mentioned that in 1984, Maashouq joined Aramco and worked as treasurer, as well as president and CEO of Aramco's previous affiliate in the Philippines, Petron Corp, among other positions. Recently, he is the chairman of Saudi Aramco Luberef.
The Kingdom is planning to offer about 5% of Aramco through the IPO, which is expected to take place in early 2018, and to list its shares in the Saudi Stock Exchange (Tadawul) and some global bourses.
