Riyadh – Mubasher: Saudi Arabian Oil Co, known globally as Saudi Aramco asked FTI Consulting to suspend its consulting work which is related to the oil firm’s planned initial public offering (IPO), Reuters reported, citing informed sources as saying.
“Aramco brought in Brunswick to advise on media relations and appointed FTI Consulting to manage investor relations,” the agency added.
The largest international oil provider did not state the reason behind its demand to FTI to halt its advisory work.
One of the sources noted that Aramco’s decision may widen Brunswick’s work to more than its media work.
“FTI has been reporting to Aramco head of investor relations Fergus MacLeod, a former group head of strategic planning at BP”.
FTI Consulting and Brunswick did not comment on Aramco’s decision.
During this week, Reuters cited informed sources that China offers to purchase 5% stake of Aramco.
In April 2016, the Saudi Arabian Crown Prince Mohammad Bin Salman said that Aramco’s IPO would take place in 2017, but may be postponed until 2018.
