Saudi Arabia puts Aramco IPO on hold

Saudi Arabia puts Aramco IPO on hold
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‘Armaco’- Saudi’s oil company has decided to put on hold the IPO which is reported to be world’s largest initial public offering.

Aramco has decided to delay the IPO to focus on buying a stake in chemical manufacturer Saudi Basic Industries, fortune.com reported.

According to reports published in Bloomberg on Wednesday, four unnamed sources familiar with the situation has told that Saudi Arabia had “called off” its plans for an IPO and disbanded the financial advisors on the deal.

When Aramco was approached for a comment it did not responded, neither did the company made it official yet.

The Saudi officials had initially planned to take the state-owned Aramco public the second half of 2018, then pushed the date back to 2019.

As recently as May, Saudi Arabia’s Energy Minister said Aramco would “most likely” go public next year.