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Aramco to begin preparations for IPO after Sabic deal is closed
25 April 2019
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Saudi Aramco will begin preparations for its initial public
offering (IPO) after completing the acquisition of Sabic, Khalid
al-Falih, Energy Minister and chairman of Aramco said on Wednesday.
Speaking at the first Financial Sector Conference in Riyadh, Falih
said, "The IPO will come as soon as we are ready. We will start
working on the IPO once we close the Sabic acquisition and the
balance sheets are consolidated. Aramco is also planning to access
the bond and debt market, locally and internationally, Falih said.
The $12 billion inaugural bond issue, launched this month, was
"just the beginning and not the end," he said. Last month, Aramco
signed a share purchase agreement to acquire a 70% stake in Sabic
from the Public Investment Fund, Saudi Arabia's sovereign wealth
fund, for $69.1 billion. In a prospectus issued on 1 April to
coincide with the bond issue, Aramco says it expects the Sabic deal
to close in 2020. The company previously said it expects the IPO to
take place in 2021.
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