Saudi Aramco on Sunday confirmed it planned to list on the Riyadh stock exchange, describing it as a "significant milestone" in the history of the energy giant.

"Saudi #Aramco confirms its intention to list on @tadawul, the Saudi National Stock Exchange," it said in a tweet.

The final offer price and the number of shares to be sold "will be determined at the end of the book-building period," it said on a new website dedicated to the IPO.

Aramco dethroned Apple as the world's most profitable firm last year
Aramco dethroned Apple as the world's most profitable firm last year AFP / Fayez Nureldine

"Today marks a significant milestone in the history of the company and important progress towards delivering Saudi Vision 2030, the kingdom's blueprint for sustained economic diversification and growth," Aramco chairman Yasir al-Rumayyan said in a statement.

Aramco had initially been expected to sell a total of five percent on two exchanges, with a first listing of two percent on the Tadawul Saudi bourse followed by a three percent listing on an overseas exchange.

The company made no mention Sunday of a foreign listing.

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