Riyadh – Mubasher: State-run Saudi Aramco, known formally as Saudi Arabian Oil Co., is reportedly trying to revive a shelved initial public offering (IPO) plan, informed sources told Bloomberg News.
The Saudi oil giant is in talks with investment banks to discuss potential roles on the mega share sale, the sources added.
Bloomberg revealed that the work on the offering would “pick up speed later this year or early next year.”
Moreover, Aramco’s IPO faces some concerns including Saudi Arabia’s ability to raise the company’s value to $2 trillion amid low oil price levels.
In August 2018, Saudi Arabia decided to halt the local and international IPOs of Aramco, the world’s most profitable company and largest oil producer.
