The initial public offering of Saudi Aramco (the largest IPO in history) was canceled under the guidance of Saudi King Salman. The IPO was one of Crown Prince Mohammed bin Salman’s most important plans.<\/p>\n
According to Reuters, reports emerged from Saudi Arabia on Wednesday, indicating the cancellation of the $100 billion IPO of Aramco. There are even reports that there are plans to include the state-run oil giant in the local bourse. Aramco’s IPO was expected to be the largest IPO in the world and in the history of financial markets, as the Saudis are significantly linking the proceeds of the IPO with the economic vision of Vision 2030.<\/p>\n
However, Saudi Araba has denied reports that the IPO was canceled. Energy Minister Khaled Al-Falih said that the Government would remain committed to implementing Aramco’s IPO in a timely manner when conditions are ideal. These conditions will be used on several manners, according to the Saudi minister, such as favorable market conditions and in accordance with the directives of the Board of Directors.<\/p>\n
King Salman held consultations with family members, oil managers and bankers in early June, according to Reuters sources. The main concern with listing of Aramco was that the initial public offering would require full disclosure of the Saudi Arabian oil giant’s funds and reserves.<\/p>\n
Later in June, the king sent a letter to his administrative office -Diwan – demanding the initial public offering be stopped, and that the decision is final.<\/p>\n
According to the same sources, although the suspension of Aramco’s listing is considered to be an economic reform program carried out by Crown Prince Mohammed bin Salman.<\/p>\n
However, the relationship between the Saudi monarch and his crown remains very good,<\/p>\n
and Prince Mohammed bin Salman is the heir of choice internally and even for the great powers outside the Kingdom.<\/p>\n","protected":false},"excerpt":{"rendered":"
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