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Monday, 19 June 2017

Saudi Aramco cleans up financials to bolster valuation

Saudi Aramco cleans up financials to bolster valuation:

"Saudi Arabia is seeking to present investors with a pristine set of financials for its state energy giant as the kingdom targets a $2tn valuation ahead of its planned initial public offering in 2018.

The country’s highest authorities are working with Saudi Aramco and its IPO advisers to untangle its finances from those of the state. This involves shifting certain liabilities from the company's accounts to that of the government.

A series of legal instructions from the kingdom’s cabinet — resolutions from the Council of Ministers — have been issued in recent months but not made public, say four people briefed on the matter."



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