October 17, 2019 / 7:08 PM / a month ago

Saudi Aramco delays IPO - sources

DUBAI/RIYADH, Oct 17 (Reuters) - 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 on Thursday.

“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 $20 billion.

Aramco could not be immediately reached for comment. (Reporting by Hadeel Al Sayegh and Marwa Rashad; Editing by Maju Samuel)

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