The Saudis play down oil giant aramco on the abolition of the float

  • The Saudis play down oil giant aramco on the abolition of the float
    Independent.t. E.
    Saudi Arabia has stated that it “remains committed” to two trillion US dollar and stock market listing oil giant “Saudi Aramco”, despite reports that it was abandoned.
    https://www.independent.ie/business/world/saudis-play-down-oil-giant-aramco-float-cancellation-37243850.html
    https://www.independent.ie/business/world/article37243852.ece/9a39e/AUTOCROP/h342/2016-01-07_bus_15869274_I1.JPG

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Saudi Arabia has stated that it “remains committed” to two trillion US dollar and stock market listing oil giant “Saudi Aramco”, despite reports that it was abandoned.

Energy Minister Khalid al-falih issued a statement, saying: “the government remains committed to the IPO, “Saudi Aramco” at the time of his choosing, when conditions are optimal.

“The timing will depend on many factors, including prevailing market conditions, and the subsequent acquisition of which the company will deal in the next few months, by appointment of the Board of Directors.”

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It came after several reports claimed that an initial public offering of state oil giant was canned.

The listing, which would be the largest IPO in history, is facing delays.

It is expected to take place in the second half of 2018, but in March, Mr. al-falih was postponed IPO till the second quarter of 2019.

Reportedly, the group turned their attention to a proposed acquisition of a stake in the petrochemical firm saudi basic industries Corp (SZABICS).

Oil Titan were the subject of a global propaganda offensive thought from the beginning planning list 5pcs shares.

City regulators had a long way to go to get Aramco to London for flotation, and courted controversy along the way.

The office of financial regulation and went so far as to create a new category that allows the sovereign control of the company to circumvent some of the requirements for a premium listing on the London stock exchange.

The attempt of the regulator to provide services to large public companies have drawn criticism from industry groups, including the Institute of Directors (iod).

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