Riyadh – Mubasher: Saudi Arabian Oil Co, known globally as Saudi Aramco, denied postponing its initial public offering (IPO) on an international stock market in order favour of making a special offer for global sovereign funds and investment institutions.
Reports recently surfaced indicating that Aramco was postponing its IPO.
Aramco said that these reports were mere forecasts, according to its official Twitter account.
The procedures for implementing the IPO are on track so that the offering would take place in 2018, the largest oil company added.
On Thursday, the Financial Times cited informed sources as saying that Aramco was considering abandoning launching the IPO on a global stock exchange and doing a private offering for the world’s biggest sovereign wealth funds and institutional investors.
On Friday, Reuters reported citing informed sources as saying that the world's largest oil firm was in talks to sell a stake to a Chinese investor and postpone its international IPO to after 2018.
Last month, Saudi minister of finance Mohammed Al-Jadaan said that Aramco’s highly anticipated IPO was to be implemented according to plan in 2018.
In April 2016, Saudi Crown Prince Mohammad Bin Salman stated that Aramco’s IPO would take place in 2017, but may be postponed to 2018.
The Kingdom plans to sell a stake of around 5% in Saudi Aramco.
