BLOOMBERG/SIMON DAWSON
Saudi Aramco said that the timing of its long-awaited debut listing will depend on market conditions in the latest delay to the oil company’s initial public offering (IPO), reported Agence France Presse.
The world’s most profitable company said that it will continue to engage with the shareholders on IPO readiness activities, adding that the company is ready, and timing will depend on market conditions as well as shareholders’ choosing.
Saudi Aramco’s IPO is the cornerstone of Saudi Crown Prince Mohammed bin Salman’s reform programme conceived to wean the Kingdom off its reliance on oil.
The oil company has planned a two-stage listing, with about two per cent of the capital trading on the Tadawul in Saudi Arabia and an additional three per cent on a foreign exchange. With a $2 trillion valuation, the five per cent sale could raise about $100 billion in what would be the largest IPO ever.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
UBS investment bank job cuts reach Europe
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
