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IPFS News Link • Oil

Exclusive: Aramco IPO halted, oil giant disbands advisers - sources

• https://www.reuters.com by Clara Denina, Alex Lawl

Financial advisers working on the planned listing have been disbanded as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp, two of the sources said. [nL8N1UE4VF]

"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," a Saudi source familiar with the IPO plans said.

"The message we have been given is that the IPO has been called off for the foreseeable future," said a second source, a senior financial adviser.

"Even the local float on the Tadawul Stock Exchange has been shelved," that person said.

Early on Thursday, Saudi Arabia's energy minister issued a denial that the IPO had been called off.


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