Saudi Arabia has scrapped its plans to list shares of its state-owned energy giant Aramco on stock exchanges, Reuters reports.
The initial public offering was poised to be the largest ever and was at the center of Crown Prince Mohammad bin Salman’s ambitious plan to overhaul the Saudi economy.
Doubt has been swirling around the IPO as the Saudis delayed making a decision on where to list shares overseas.
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. One source said the decision to cancel the IPO had been made “some time ago” but no announcement had been made.
Saudi Aramco has dismissed advisers working on the deal and is now focusing on acquiring a stake in Saudi Basic Industries, a domestic petrochemical company, two of the sources told Reuters.