Aramco pushes its IPO to reassure investors-sources

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DUBAI / RYAD, October 17 (Reuters) – Saudi Aramco (IPO-ARMO.SE) decided to postpone the launch of its IPO, the Saudi oil giant wishing to first reassure investors by presenting results covering the period during which two of its main facilities were bombarded, has it we learned Thursday from two sources close to the file.

The Saudi oil company planned to unveil next week its plans for the IPO of Ryad from 1% to 2% of its capital, before a possible international listing.

The Sept. 14 attacks on its Abkaïk and Khouraï sites, however, halved production of the world's leading oil exporter and Aramco wants to reassure investors before launching the operation, sources said.

"They want to do everything they can to achieve the goal of valuation, so strong results after these attacks will put them in a better position," said one source.

The second source stated that the IPO had been postponed and no new date was yet set for this offer.

The Financial Times, which first reported on the postponement, wrote citing a source that the operation was delayed by "several weeks".

Saudi Aramco did not respond immediately to Reuters' requests for comment. (Hadeel Al Sayegh and Marwa Rashad Bertrand Boucey for the French service)



Source link
https://fr.reuters.com/article/frEuroRpt/idFRL5N2727GE

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