FILE PHOTo: An Aramco employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
Saudi Arabia has scrapped its plans to list shares of its state-owned energy giant Aramco on stock exchanges, Reuters reported on Wednesday.
The team of IPO financial advisers had also been disbanded, added the report, which the Reuters attributed to “sources.”
The public offering was poised to be the largest ever.
With the reported IPO scrapping, the kingdom will no longer seek to publicly list shares on its domestic stock market, the Tadawul, or on foreign exchanges, several sources told Reuters.
More details to follow.