https://www.cnbc.com/2018/08/23/saudi-aramco-ipo-riyadh-denies-its-scrapping-plans-for-listing.html
Saudi Arabia denied media reports that the kingdom has scrapped plans to list shares of state-owned energy giant Aramco on stock exchanges.
Khalid al-Falih, the Saudi Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco, said in a statement on Thursday that "The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum."
"This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months," al-Falih said.
His comments follow media reports that the listing of Saudi Aramco may be canceled.
The initial public offering was poised to be the largest ever and was at the center of Crown Prince Mohammed bin Salman's ambitious plan to overhaul the Saudi economy. The Saudis had hoped to attract a $2 trillion valuation for Aramco, the world's largest oil company, though some outside analysts have pegged its value at half that amount.
Submitted August 22, 2018 at 09:57PM by GloBoy54 https://ift.tt/2MuZYBh
