August 22, 2018 / 4:46 PM / a month ago

EXCLUSIVE-Aramco listing plan halted, oil giant disbands advisors - sources

LONDON/RIYADH, Aug 22 (Reuters) - 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 that way - first delay then calling off,” a Saudi source familiar with IPO plans.

Saudi Aramco did not immediately respond to an emailed request for comment. The Saudi Royal Court had no immediate comment. (Reporting by Clara Denina, Alex Lawler, Marwa Rashad and Rania El Gamal, additional reporting by Stephen Kalin. Editing by David Evans)

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