Excluding: Aramco listing plan ceased, oil giant disbands advisors – sources



LONDON / RIYADH: Saudi Arabia has abolished both the domestic and international stock exchange listing of state oil giant Aramco, announced as the largest such deal in history, said four leading industrial wages on Wednesday.

The financial advisors working on the proposed listing have been dissolved, as Saudi Arabia shifts its focus to a proposed acquisition of a "strategic interest" in the local petrochemicals manufacturer Saudi Basic Industries Corp., two of the sources mentioned.

"The decision to cancel the IPO has been taken a long time ago, but no one can reveal this, so the statements go so gradually – first delay then call off," a Saudi source familiar with IPO plans.

Saudi Aramco did not respond immediately to a mailed request for comment. The Saudi royal court had no immediate comment.

(Report by Clara Denina, Alex Lawler, Marwa Rashad and Rania El Gamal, additional reporting by Stephen Kalin, edited by David Evans)


Source link

Leave a Reply