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Aramco listing plan halted, oil giant disbands advisors - sources
Source: Reuters
BUSINESS NEWS AUGUST 22, 2018 / 12:48 PM / UPDATED 5 MINUTES AGO
Exclusive: Aramco listing plan halted, oil giant disbands advisors - sources
Clara Denina, Alex Lawler, Marwa Rashad
4 MIN READ
LONDON/RIYADH (Reuters) - Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday.
The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp 2010.SE, two of the sources said.
“The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off,” a Saudi source familiar with the IPO plans said.
Saudi Aramco did not immediately respond to an emailed request for comment. The Saudi authorities did not immediately respond to requests for comment amid a week-long holiday.
-snip-
Exclusive: Aramco listing plan halted, oil giant disbands advisors - sources
Clara Denina, Alex Lawler, Marwa Rashad
4 MIN READ
LONDON/RIYADH (Reuters) - Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday.
The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp 2010.SE, two of the sources said.
“The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off,” a Saudi source familiar with the IPO plans said.
Saudi Aramco did not immediately respond to an emailed request for comment. The Saudi authorities did not immediately respond to requests for comment amid a week-long holiday.
-snip-
Read more: https://www.reuters.com/article/us-saudi-aramco-ipo-exclusive/exclusive-aramco-listing-plan-halted-oil-giant-disbands-advisors-sources-idUSKCN1L71TZ