Date: 6 months ago   Category: Economy

Saudi Arabia has refused the IPO of Saudi Aramco because of intervention of the king — Rambler News Service


Photo: globallookpress.com/Kremlin Pool the King of Saudi Arabia Salman ibn Abdul-Aziz Al Saod has interfered with preparation of the IPO of the oil state company Saudi Aramco then the authorities of the country have decided to refuse placement of shares. The Reuters agency with reference to anonymous sources has reported about it. According to the edition, not so long ago the king has met family members, the management of the local oil companies and bankers. During the meeting its participants have convinced the king of Saudi Arabia that carrying out the IPO will only undermine an economic situation in the kingdom. According to interlocutors of the leader of the country, the main problem is need of public disclosure of information on finance of Saudi Aramco. The planned carrying out the IPO has to be to bring to Saudi Arabia about $100 billion. The idea was offered by the crown prince, 32-year-old Mahomed ibn Salman who actually leads the country. The authorities of Saudi Arabia were ready to place on the stock market to 5% of shares of the national oil company Saudi Aramco. The IPO have already discussed with representatives of the international exchanges and banks and also with the U.S. President Donald Trump. Cancellation of the IPO can become serious blow to the program of reforms of the crown prince of Vision 2030 which purpose is transformation of economy of Saudi Arabia which is completely depending on oil revenues.

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