Aramco listing plan halted, oil giant disbands advisors – sources(reuters.com)
reuters.com
Aramco listing plan halted, oil giant disbands advisors – sources
https://www.reuters.com/article/us-saudi-aramco-ipo-exclusive/exclusive-aramco-listing-plan-halted-oil-giant-disbands-advisors-sources-idUSKCN1L71TZ
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It is rumored that the Saudis made the 100 billion they wanted from the Ritz-Carlton crackdown, so no more interest in the IPO.
> the Ritz-Carlton crackdown
What's this? Are you referring to the use of these hotels as luxury prisons during the purge?
What's this? Are you referring to the use of these hotels as luxury prisons during the purge?
Numerous princes were detained at the Ritz-Carlton hotel and weren't allowed to leave until they admitted to corruption and surrendered significant amounts of cash. A few fought this but most folks just handed over the money.
https://www.bloomberg.com/news/articles/2018-01-25/saudi-ara...
https://www.bloomberg.com/news/articles/2018-01-25/saudi-ara...
It wasn't only confinement. One general appears to have been tortured to death, and many others had to be hospitalized and showed signs of torture.
https://www.hrw.org/news/2018/03/14/saudi-arabia-allegations...
https://www.hrw.org/news/2018/03/14/saudi-arabia-allegations...
Wow. How in hell did they (Saudi Arabia) manage to become the Head of the UN Human Rights Panel ?
https://www.independent.co.uk/news/world/anger-after-saudi-a...
Reeks of corruption at the highest level.
https://www.independent.co.uk/news/world/anger-after-saudi-a...
Reeks of corruption at the highest level.
I assume it's something along the lines of: "Never refuse a US Military request, be mad at Iran, and don't bother Israel."
I think there are many people calling this into question.
It's obviously only possible because so many western powers rely on their "stable" allies / oil buddies in the middle east.
Yemen alone should be enough reason for every UN nation to sanction SA into submission.
Instead we sell them weapons -.-
It's obviously only possible because so many western powers rely on their "stable" allies / oil buddies in the middle east.
Yemen alone should be enough reason for every UN nation to sanction SA into submission.
Instead we sell them weapons -.-
100 billion doesn’t sound like much if their thesis is that they won’t be able to rely on oil profits in the medium term future.
I am not surprised by this news. No doubt the transparency that a listing would require was simply too much for the Kingdom.
I think of the biggest issues was they expected to get a far higher market cap then they got.
I think they were asking $2 Trillion, and deals with developing countries always involve a "no-layoffs clause", which is mostly nepotism. See Air India's "proposed sale" for an example.
Additionally, the recent royal family instability and waiting until solar and wind took off (ie. competition) didn't help.
It would be cheaper to just hire Xe and take over the country, which you would need to do anyway to enforce your ownership stake.
Additionally, the recent royal family instability and waiting until solar and wind took off (ie. competition) didn't help.
It would be cheaper to just hire Xe and take over the country, which you would need to do anyway to enforce your ownership stake.
Only fools would have ever bought into the Aramco IPO. The vast majority of IPOs are sucker bets for investors, companies selling high to take advantage of their likely peak value.
But in Aramcos case you’d have actual self dealing despots controlling your investment, and eventually they’d make clear how junior their junior partners really were.
But in Aramcos case you’d have actual self dealing despots controlling your investment, and eventually they’d make clear how junior their junior partners really were.
They are denying it ... https://www.cnbc.com/2018/08/23/saudi-aramco-ipo-riyadh-deni...
"The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum."
Not much of a denial.
Not much of a denial.
This was all but announced over the past few months. Like mentioned in article in the article, they're targeting SABIC which probably requires a big bond deal. Bloomberg says current market cap is 98bn USD so...
There are definitely some junior bankers who want to kill themselves over this.
There are definitely some junior bankers who want to kill themselves over this.
shawn(10)
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