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[size=42]Urgent statements after King Salman's intervention to stop the Crown Prince's plan[/size]
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ARAB WORLD
12:45 24.09.2018(Updated 12:53 24.09.2018)Copy the link
334
Saudi Arabia issued an urgent statement on Monday (September 24th) after Saudi King Salman bin Abdul Aziz intervened to stop Saudi Crown Prince Mohammed bin Salman's plan.
Saudi Aramco chief executive Amin Al-Nasser said no one could predict if the company would list its shares on the stock market by 2020.
By a final decision ... King Salman intervenes "to stop the Crown Prince"[/size]
Al-Nasser told CNN that he did not want to talk or commit to specific dates on the general offering of Aramco's shares.
"I do not want to talk about the dates at this stage," he said, "for our part, I want to say and repeat that the government has said it is committed to the IPO idea."
Aramco has carried out a large number of preparatory processes for public subscription, conversion of the facility to a joint stock company, new members of the board of directors, and registration of its reserves with a third party. "
He continued:
[rtl]"All the elements required to include Saudi Aramco have been made, so they demonstrate the government's commitment to include Saudi Aramco."[/rtl]
The Reuters news agency quoted several Saudi sources in more than one report on the kingdom's intention to cancel the domestic and global offering of the giant national oil company, Aramco, which would be the largest of its kind in history.
Two sources said the financial advisors were demobilized as Saudi interest shifted to a proposed acquisition of a "strategic stake" in Saudi Arabia's local petrochemical plant
The agency said in a report, on Monday , 27 July / August, the Saudi King Salman, intervened to stop the dream of a dream of $ trillion, it was being prepared to him two years ago , which put up a share of 5 percent of the Saudi National Oil Company ( Aramco ) in the market Shares.
The plan came after officials with international exchanges and banks and with US President Donald Trump continued to promote the plan. The inclusion of Aramco on the stock exchange was expected to become the mainstay of the Kingdom's economic reform program under the 2030 plan.
A source, who asked not to be identified, said the decision came after the Saudi monarch met members of the ruling family, bankers and senior oil executives, including a former chief executive of Aramco, and that the consultations took place in mid-June, while other sources said that The figures, which King Salman had told him, told him that the initial proposal would not be in the interest of the kingdom and could have a negative effect on it.
According to the sources, the main concern of these figures is that the initial public offering will pay Aramco for full disclosure of all its financial details. "In late June, the king sent a letter to the Royal Court requesting the cancellation of the Aramco stock offer plan, The three.
"The king's decision is irrevocable, " Reuters quoted one source as saying. "When the king said no, there is no turning back."
Agency: Prince's policy of "big deal" in Saudi Arabia has stalled and fear grows[/size]
But Aramco then declined to comment on the reports, until the chief executive of the giant Saudi company came out to completely deny them, but without denying Saudi Arabia's intention to delay the offering.
Earlier in the year, Bloomberg said that when the idea of the IPO was announced in 2016, Saudi officials hoped the amount would reach $ 100 billion, based on the market value of the company at $ 2 trillion. That some analysts found that the figure is very high, but Prince Mohammed bin Salman's plan was more placed on the full plan on cutting off the Kingdom's dependence on oil, what was then described as the "big deal."
The agency quoted M. R. "The decision to postpone the public offering has many negative aspects, and it casts doubt on the country's ability to finance the ambitious grand deal that the Crown Prince (Prince Mohammed bin Salman) was seeking to launch," said Raghu, head of research at Kuwait Financial . .
https://arabic.sputniknews.com/arab_world/201809241035535962-%D8%A7%D9%84%D9%85%D9%84%D9%83-%D8%B3%D9%84%D9%85%D8%A7%D9%86-%D9%88%D9%84%D9%8A-%D8%A7%D9%84%D8%B9%D9%87%D8%AF-%D8%A3%D8%B1%D8%A7%D9%85%D9%83%D9%88/
[size=42]Urgent statements after King Salman's intervention to stop the Crown Prince's plan[/size]
[/size]
[ltr]© AP Photo / Saudi Press Agency[/ltr]
ARAB WORLD
12:45 24.09.2018(Updated 12:53 24.09.2018)Copy the link
334
Saudi Arabia issued an urgent statement on Monday (September 24th) after Saudi King Salman bin Abdul Aziz intervened to stop Saudi Crown Prince Mohammed bin Salman's plan.
Saudi Aramco chief executive Amin Al-Nasser said no one could predict if the company would list its shares on the stock market by 2020.
[ltr]© REUTERS / HANDOUT[/ltr]
[size]By a final decision ... King Salman intervenes "to stop the Crown Prince"[/size]
Al-Nasser told CNN that he did not want to talk or commit to specific dates on the general offering of Aramco's shares.
"I do not want to talk about the dates at this stage," he said, "for our part, I want to say and repeat that the government has said it is committed to the IPO idea."
Aramco has carried out a large number of preparatory processes for public subscription, conversion of the facility to a joint stock company, new members of the board of directors, and registration of its reserves with a third party. "
He continued:
[rtl]"All the elements required to include Saudi Aramco have been made, so they demonstrate the government's commitment to include Saudi Aramco."[/rtl]
The Reuters news agency quoted several Saudi sources in more than one report on the kingdom's intention to cancel the domestic and global offering of the giant national oil company, Aramco, which would be the largest of its kind in history.
Two sources said the financial advisors were demobilized as Saudi interest shifted to a proposed acquisition of a "strategic stake" in Saudi Arabia's local petrochemical plant
The agency said in a report, on Monday , 27 July / August, the Saudi King Salman, intervened to stop the dream of a dream of $ trillion, it was being prepared to him two years ago , which put up a share of 5 percent of the Saudi National Oil Company ( Aramco ) in the market Shares.
The plan came after officials with international exchanges and banks and with US President Donald Trump continued to promote the plan. The inclusion of Aramco on the stock exchange was expected to become the mainstay of the Kingdom's economic reform program under the 2030 plan.
A source, who asked not to be identified, said the decision came after the Saudi monarch met members of the ruling family, bankers and senior oil executives, including a former chief executive of Aramco, and that the consultations took place in mid-June, while other sources said that The figures, which King Salman had told him, told him that the initial proposal would not be in the interest of the kingdom and could have a negative effect on it.
According to the sources, the main concern of these figures is that the initial public offering will pay Aramco for full disclosure of all its financial details. "In late June, the king sent a letter to the Royal Court requesting the cancellation of the Aramco stock offer plan, The three.
"The king's decision is irrevocable, " Reuters quoted one source as saying. "When the king said no, there is no turning back."
[ltr]© AP PHOTO / CLIFF OWEN[/ltr]
[size]Agency: Prince's policy of "big deal" in Saudi Arabia has stalled and fear grows[/size]
But Aramco then declined to comment on the reports, until the chief executive of the giant Saudi company came out to completely deny them, but without denying Saudi Arabia's intention to delay the offering.
Earlier in the year, Bloomberg said that when the idea of the IPO was announced in 2016, Saudi officials hoped the amount would reach $ 100 billion, based on the market value of the company at $ 2 trillion. That some analysts found that the figure is very high, but Prince Mohammed bin Salman's plan was more placed on the full plan on cutting off the Kingdom's dependence on oil, what was then described as the "big deal."
The agency quoted M. R. "The decision to postpone the public offering has many negative aspects, and it casts doubt on the country's ability to finance the ambitious grand deal that the Crown Prince (Prince Mohammed bin Salman) was seeking to launch," said Raghu, head of research at Kuwait Financial . .
https://arabic.sputniknews.com/arab_world/201809241035535962-%D8%A7%D9%84%D9%85%D9%84%D9%83-%D8%B3%D9%84%D9%85%D8%A7%D9%86-%D9%88%D9%84%D9%8A-%D8%A7%D9%84%D8%B9%D9%87%D8%AF-%D8%A3%D8%B1%D8%A7%D9%85%D9%83%D9%88/
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