It may additionally pay interim dividends in the amount of $9.5 billion to the kingdom's authorities only.
"The Company will declare an interim (ordinary) dividend of a maximum of $9.5 billion, after obtaining the necessary approvals from the Board, prior to the date of allocation of the Shares to the Institutional Subscribers and Individual Investors. These dividends will be paid to the Government (in its capacity as the sole shareholder in the Company) and investors in the Shares will not be entitled to any portion of these dividends regardless of when they are paid, which may be prior to, or after, the date of such allocation," the report read.
The country's Capital Markets Authority announced earlier in the day that they had agreed to approve Saudi Aramco's request to partially place its shares; first on the local Tadawul stock market, and then abroad, placing a total of 5 percent of the company's shares.
According to the Al Arabiya broadcaster, the start of collecting investors' applications is expected on December 4, while the trading of shares will commence on December 11.
Saudi Aramco was pronounced the world’s most profitable company earlier this year which may give it record-breaking earnings upon going public. The company currently sits on the second largest proven oil reserve of about 266 million barrels.