Saudi Aramco IPO could be pushed back to 2019

      Published on Thursday, 14 September , 2017      255 Views     
Saudi Aramco IPO could be pushed back to 2019

  • Technology

Saudi Arabia is reportedly preparing contingency plans for a possible delay to the biggest IPO in history, the listing of state oil giant Saudi Aramco.

Bloomberg cited sources as confirming the government was still aiming for an initial public offering in the second half of 2018 but due to the tight timetable it could be pushed back into 2019.



Aramco told the publication the IPO “remains on track” and the process was “well underway”, echoing assurances to investors on September 9 after it was reported the kingdom was scaling back its reform efforts.

However, several major decisions have yet to be taken that could limit the ability for the company to sell shares before the end of next year, according to the publication.

These include the location for a secondary listing outside of Saudi Arabia’s Tadawul stock exchange, with an announcement of the winner between London and New York expected to be made in October.

Analysts have also speculated that weaker oil prices at present could see Aramco valued at less than the government’s $2 trillion estimate.

Should the $2 trillion valuation be achieved the planned 5 per cent stake sale would raise around $100bn.

Last week, the Financial Times cited a document as confirming the Saudi government was pushing back many of the objectives of its 2020 reform plan amid concerns the pace of change was hurting the economy.



The IMF lowered its 2017 growth forecast for the Saudi economy to “close to zero” in July and others have speculated the kingdom could enter recession this year after posting its first GDP decline since 2009 in the first quarter.

Keywords:
Category Technology | 2017/09/14 latest update at 8:00 PM
Source : | Photocredit :
256 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Arabia, Palestinians Agree on Joint Business Council Events

Saudi Arabia, Palestinians Agree on Joint Business Council

Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council,…

Pakistani Prime Minister Imran Khan in Riyadh after Tehran visit Government

Pakistani Prime Minister Imran Khan in Riyadh after Tehran visit

Pakistani Prime Minister Imran Khan met Saudi Arabia’s King Salman on Tuesday, Saudi state media reported, two days…

What did Putin gift King Salman and Sheikh Mohamed Bin Zayed? King

What did Putin gift King Salman and Sheikh Mohamed Bin Zayed?

On his visit to Saudi Arabia and UAE this week, the Russian President brought along a rare and expensive gift…

Bodyguard to Saudi king reportedly shot dead by friend King

Bodyguard to Saudi king reportedly shot dead by friend

A prominent bodyguard to Saudi Arabia’s King Salman bin Abdulaziz Al Saud has been shot and killed in…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2436 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government