Saudi Aramco’s CEO met Kuwait sovereign fund to discuss IPO

By Syed Umarullah Hussaini - Web Editor

24th November, 2019

Saudi Aramco’s top executives have met officials of Kuwait’s sovereign wealth fund to convince them to invest in the oil giant’s initial public offering (IPO), which could raise as much as $25.6 billion, a source familiar with the matter said.

British News Agency Reuters reported that meeting, which was led by Aramco’s Chief Executive Amin Nasser, took place weeks ago, the source said, confirming an earlier report on Sunday in the Kuwaiti newspaper Alrai.

The Kuwaiti newspaper said the Kuwait Investment Authority’s (KIA) decision to participate in the deal or not will depend on a “study” of the IPO.

Aramco and KIA did not immediately respond to separate Reuters requests for comment.

In late October, KIA’s managing director Farouk Bastaki had said Aramco had not approached the fund then, but KIA would look at the IPO like any other investment.

Aramco has struggled to attract a major cornerstone or anchor investor for its IPO, which could be potentially the world’s biggest.

Talks have taken place with sovereign investors including the Abu Dhabi Investment Authority, Singapore’s GIC and other funds, sources have told Reuters.

The company has also canceled marketing roadshows for its listing outside of the Gulf because of the lack of interest from foreign institutional investors.

Aramco plans to sell 1.5% of the company, giving it a potential market value of between $1.6 trillion and $1.7 trillion. The deal is the centerpiece of Crown Prince Mohammed bin Salman’s plans to diversify the Saudi economy away from its reliance on oil.


You May Also Like

PIA
28th Jan, 2020

PIA manages to get rid of its default payments : PSX

Pakistan International Airlines (PIA) manages to improve its position in Pakistan Stock...

kinow
28th Jan, 2020

Govt. to increase export of Kinnow: Provincial Minister

The Government of Pakistan Tehreek e Insaf (PTI) will increase the export...

Monetary policy
28th Jan, 2020

Monetary policy announced: Inflation unchanged at 11-12% for the full fiscal year 2020

State Bank of Pakistan (SBP)  has announced Monetary policy for the next...

Business in Pakistan
28th Jan, 2020

Business in Pakistan at risk

Business in Pakistan at risk as majority (60%) business owners think Pakistan...


Latest News

trump palestine
29th Jan, 2020

Trump proposes Palestinian state with capital in eastern Jerusalem

WASHINGTON: U.S. President Donald Trump on Tuesday proposed creation of a Palestinian...

Kingdom Saudi Arabia
28th Jan, 2020

Israeli passport holder can’t visit the holy land

Kingdom Saudi Arabia has confirmed that Israeli passport holders were not permitted...

Bosnia extends diplomatic support to Pakistan on Kashmir dispute
28th Jan, 2020

Bosnia extends diplomatic support to Pakistan on Kashmir dispute

Bosnian Ambassador to Pakistan Sakib Foric called on Speaker National Assembly Asad...

Direct sale and purchase of PSL 2020 tickets have started from today!
28th Jan, 2020

PSL 2020 Direct Sale Tickets Begins From Today

Direct sale and purchase of PSL 2020 tickets have started from today!...