Lupa Kata Sandi? Klik di Sini

atau Masuk melalui

Belum Memiliki Akun Daftar di Sini


atau Daftar melalui

Sudah Memiliki Akun Masuk di Sini

Konfirmasi Email

Kami telah mengirimkan link aktivasi melalui email ke rudihamdani@gmail.com.

Klik link aktivasi dan dapatkan akses membaca 2 artikel gratis non Laput di koran dan Majalah Tempo

Jika Anda tidak menerima email,
Kirimkan Lagi Sekarang

Aramco Listing Plan Halted, Oil Giant Disbands Advisors

Translator

Editor

23 August 2018 10:44 WIB

A view shows Saudi Aramco's Manifa oilfield, Saudi Arabia June 14, 2015. Picture taken June 14, 2015. Clive Beagles, fund manager at JO Hambro, said he would likely look at the Aramco listing but doubted he would participate "because of those issues about being such a minority investor relative to people that you'd have very little influence over". Saudi Aramco/Handout via REUTERS

TEMPO.CO, London - Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday, August 22.


The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp 2010.SE, two of the sources said. 

"The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off," a Saudi source familiar with the IPO plans said.

Saudi Arabia's energy minister denied that Aramco's initial public offering would be called off, in a statement issued early on Thursday.

"The government remains committed to the initial public offering of Saudi Aramco, in accordance with the appropriate circumstances and appropriate time chosen by the Government,” Energy Minister Khalid al-Falih said in the statement.

He said Riyadh had taken measures to prepare for the listing and that the timing would depend on factors including favorable market conditions, and a planned downstream acquisition in the next few months.

The proposed listing of the national champion was a central part of Crown Prince Mohammed bin Salman's reform drive aimed at restructuring the kingdom's economy and reducing its dependence on oil revenue.

The prince announced the plan to sell about 5 percent of Aramco in 2016 via a local and an international listing, predicting the sale would value the whole company at $2 trillion or more. Several industry experts however questioned whether a valuation that high was realistic, which hindered the process of preparing the IPO for the advisors.

Stock exchanges in financial centers including London, New York, and Hong Kong have been vying to host the international tranche of the share sale.

An army of bankers and lawyers started to fiercely compete to win advisory roles in the IPO, seen as a gateway to a host of other deals they expected to flow from the kingdom's wide privatization programme.

International banks JPMorgan, Morgan Stanley and HSBC, were working as global coordinators, boutique investment banks Moelis & Co and Evercore were chosen as independent advisors and law firm White & Case as legal adviser, sources had previously told Reuters.

More banks were expected to be named but no book-runners were formally appointed despite banks pitching for the deal.

Lawyers, bankers and auditors are all essential in the drafting the prospectus, a formal document that provides essential details on the company.

"The message we have been given is that the IPO has been called off for the foreseeable future," said one of the sources, a senior financial advisor.

"Even the local float on the Tadawul Stock Exchange has been shelved," the source added.

Al Falih said in the company's 2017 annual report, released in August, that Aramco "continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement."

Aramco had a budget which it used to pay advisors until the end of June. This has not been renewed, one of the sources said.

"The advisors have been put on standby," a third source, a senior oil industry official, said.

"The IPO has not been officially called off, but the likelihood of it not happening at all is greater than it being on."

Sources have previously told Reuters that in addition to the valuations, disagreements among Saudi officials and their advisers over which international listing venue to be chosen had slowed down the IPO preparations. 

REUTERS



BPS Reports January Exports for Coal 'Sluggish' at US$2.41 billion

41 hari lalu

BPS Reports January Exports for Coal 'Sluggish' at US$2.41 billion

BPS reported that the January exports for coal were sluggish in Indonesia.


January Export Drops 8.34% at US$20.52 billion, BPS Reports

43 hari lalu

January Export Drops 8.34% at US$20.52 billion, BPS Reports

BPS recorded the January export value of Indonesia at US$20.52 billion, an 8.34 percent decline compared to December.


Jokowi Asks Tanzanian President to Open Negotiations on LNG, Fertilizer Investment

25 Januari 2024

Jokowi Asks Tanzanian President to Open Negotiations on LNG, Fertilizer Investment

Indonesian President Jokowi highlights investment cooperation in the oil and gas sector during a meeting with Tanzanian President Samia Suluhu today.


Import Value Shows Steady Decline in Latter Half of 2023, BPS Says

15 Januari 2024

Import Value Shows Steady Decline in Latter Half of 2023, BPS Says

BPS recorded that the value of imports in December 2023 reached US$19.11 billion, a 2.45 percent decline compared to the previous month.


BPH Migas Predicts Gasoline, Plane Fuel Distribution to Rise in Holiday Seasons

16 Desember 2023

BPH Migas Predicts Gasoline, Plane Fuel Distribution to Rise in Holiday Seasons

BPH Migas predicts that the distribution of gas oil and jet fuel will increase during the Christmas and New Year periods.


Indonesia, South Korea Explore Partnership on Carbon Capture Development

29 November 2023

Indonesia, South Korea Explore Partnership on Carbon Capture Development

Indonesia is exploring a partnership with South Korea to develop carbon capture and storage/carbon capture, utilization, and storage technology.


Indonesia's Trade Surplus Surpasses US$3.42 billion

17 Oktober 2023

Indonesia's Trade Surplus Surpasses US$3.42 billion

According to Statistics Indonesia, the balance of trade surplus in Indonesia continues to September 2023, surpassing US$3.42 billion.


Pertamina Expands to Africa's Upstream-Downstream Oil & Gas Industry

29 September 2023

Pertamina Expands to Africa's Upstream-Downstream Oil & Gas Industry

PT Pertamina inked an agreement yesterday in Jakarta with Guma Africa Group Limited.


Pertamina Subholding Increases Production, Improves Business Development

29 Juli 2023

Pertamina Subholding Increases Production, Improves Business Development

Pertamina upstream sub-holding, PT Pertamina Hulu Energi (PHE), continues to improve the unlock value activities.


SKK Migas Sets 2023 Investment Target at US$15.5bn

21 Juli 2023

SKK Migas Sets 2023 Investment Target at US$15.5bn

The Upstream Oil and Gas Activities Special Task Force (SKK Migas) is targeting to achieve US$15.5 billion in actualized investments by 2023's end.