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21 October, 2019 00:00 00 AM

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Aramco says IPO timing depends on ‘market conditions’

AFP, Dubai

Saudi Aramco said yesterday the timing of its long-awaited stock market debut “will depend on market conditions,” after the latest delay in the blockbuster initial public offering.

The IPO forms the cornerstone of a reform programme conceived by the kingdom’s de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.

Aramco was expected to launch the first part of a two-stage listing in the coming week, but the energy giant decided to push the trading date back to December or January, a person familiar with the situation told AFP last Thursday.

Sources had told the news agency in mid-September that the mammoth share offering could be delayed after an attack on Saudi oil facilities knocked out half of the output of the world’s top crude exporter.

“The company continues to engage with the shareholders on IPO readiness activities,” Aramco said in a statement to the news agency.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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