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Saudi said to shelve Aramco listing plan, oil giant disbands advisors

The proposed listing was a central part of Crown Prince Mohammed bin Salman's reform drive aimed at restructuring the kingdom's economy and reducing its dependence on oil revenue

Reuters  |  LONDON/RIYADH 

Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday. The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp , two of the sources said. "The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going ...

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First Published: Thu, August 23 2018. 07:57 IST
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