With Saudi Aramco yet to name any major foreign investors in its upcoming share ...
KUALA LUMPUR/LONDON - With Saudi Aramco yet to name any major foreign investors in its upcoming share sale, Malaysia’s state energy company Petronas [PETR.UL] decided to take a pass on Friday.
Aramco, which kicked off the share sale process on Nov. 3 after a series of false starts, declined to comment to Reuters on the lack of any named anchor investors in its listing so far. “Petronas would like to confirm that after due consideration, the company has decided not to participate in Saudi Aramco’s initial public offering exercise,” Petronas said in an emailed statement.
It is the centerpiece of Crown Prince Mohammed bin Salman’s plans to diversify the Saudi economy away from its reliance on oil. “Just selling a 1.5% stake in an oil company is not really going to achieve an enormous amount,” said Charles Hollis, a former UK-Saudi diplomat and director at intelligence consultancy Falanx Assynt.
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