Saudi Aramco delays IPO, say sources

Sources say Saudi Aramco may delay IPO to ensure hitting valuation target.  — Reuters pic
Sources say Saudi Aramco may delay IPO to ensure hitting valuation target. — Reuters pic

DUBAI, Oct 18 — Saudi Aramco plans to delay the launch of its initial public offering as it wants to update its third-quarter earnings, two sources familiar with the matter said yesterday.

“They want to do all what they can to hit valuation target, solid results after the attack will give them a stronger position,” one of the sources told Reuters.

Aramco was expected to formally announce early next week its plan to launch its IPO, which could have potentially raised US$20 billion (RM83.85 billion).

Aramco could not be immediately reached for comment. — Reuters

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