Saudi Arabia denied reports that the state-owned oil company Saudi Aramco halted plans for its 5 percent initial public offering (IPO), according to the Saudi Press Agency (SPA) on Thursday.
The Saudi government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum, the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih was quoted as saying in a statement released through SPA.
Saudi Arabia aims to earn $100 billion by offering 5 percent of Aramco to the public, which would put the market capitalization of the company at $2 trillion, according to Saudi Crown Prince Mohammed bin Salman's Vision 2030 plan.
On Wednesday, international media outlets reported that Saudi Arabia has suspended its plans for domestic and international listing of energy giant Aramco shares on stock exchanges.
The timing of the IPO, known as the biggest initial offering on record, will depend on multiple factors, Al-Falih said according to international media outlets, adding that these include market conditions and a downstream acquisition which the company will pursue in the next few months.
Reporting by Mohammad Farid Mahmoud Abdullah & Mehmet Nuri Ucar in Riyadh
Writing by Ebru Sengul
Anadolu Agency
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