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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi Arabia denies canceling Aramco IPO

    Rocky
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    Saudi Arabia denies canceling Aramco IPO Empty Saudi Arabia denies canceling Aramco IPO

    Post by Rocky Thu 23 Aug 2018, 6:26 am

    Saudi Arabia denies canceling Aramco IPO



    Saudi Arabia denies canceling Aramco IPO 9594


    Saudi Energy Minister Khalid al-Falih denied in a statement released early Thursday a report by Reuters on the cancellation of the IPO of shares of the national oil giant "Aramco".
    "The government remains committed to the initial public offering of Saudi Aramco, in accordance with the right conditions and at the right time of its choosing," Al-Falih said in a statement published by Saudi Press Agency SPA.
    The timing of the offering will depend on several factors, including market conditions for the IPO, as well as a possible acquisition in the refining and chemicals sector, which will be conducted by the company under the guidance of its Board of Directors over the next few months.
    As part of the preparations for Aramco's IPO, the government has taken several important measures, including issuing the hydrocarbon tax system, re-issuing an exclusive concession agreement, appointing a new board of directors and other measures to protect its interests and those of potential investors.
    Aramco has made several achievements in its internal program to prepare for the IPO.
    One of the most important features of the program was the amendment of its internal rules and regulations, transformation into a joint stock company, matching its financial statements and internal financial reports to key business segments to meet the requirements of potential financial markets.
    In addition to the establishment of an investor relations department, and the completion of the first independent evaluation of hydrocarbon reserves, which confirms the position of the company's leading and unique in the energy sector.
    Reuters quoted four major industrial sources as saying Saudi Arabia had canceled the domestic and global offering of Aramco, the largest of its kind in history.


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