BUSINESS Saudi Arabia called off Aramco float


Saudi Arabia called off Aramco float

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07:30, August 23, 2018


(File Photo: AP)

Four senior industry sources said on Wednesday that Saudi Arabia has canceled the listing of domestic and international stock of state-owned oil giant Aramco, known as the largest such transaction in history. The cancellation is billed as the biggest such deal in the history, Reuters reported.

Two of the sources said that Saudi Arabia has turned its attention to the proposed acquisition of “strategic stake” by Saudi Basic Industries Corp 2010.SE, a local petrochemicals manufacturer, and the financial advisors worked on the proposed listing has been disbanded.

A Saudi source, who is familiar with the IPO plan, 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."

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