Saudi Aramco’s Sabic approach casts doubt on IPO timing | Financial Times

Saudi Aramco’s Sabic approach casts doubt on IPO timing | Financial Times:

Saudi Aramco’s potential acquisition of a stake in petrochemicals company Sabic will affect the timing of an initial public offering, its chief executive said, throwing further doubt on the kingdom’s plans to sell shares in its state giant.

The flotation tipped to be the world’s biggest, is the centrepiece of an ambitious economic reform programme driven by the powerful crown prince Mohammed bin Salman to diversify the Saudi economy beyond oil.

Amin Nasser told Saudi-owned Al Arabiya television on Friday that if the Sabic deal was completed, “with relevant regulations taken into account, it will definitely affect the timeframe for the partial IPO of Saudi Aramco,” according to a transcript provided by the government’s communications office.