
Aramco listing plan halted, oil giant disbands advisors – sources - chollida1
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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hyencomper
It is rumored that the Saudis made the 100 billion they wanted from the Ritz-
Carlton crackdown, so no more interest in the IPO.

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justboxing
> the Ritz-Carlton crackdown

What's this? Are you referring to the use of these hotels as luxury prisons
during the purge?

~~~
williamscales
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-arabia-
struck-gold-with-corruption-crackdown)

~~~
rz2k
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-
abuse-death-custody)

~~~
justboxing
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...](https://www.independent.co.uk/news/world/anger-after-saudi-arabia-
chosen-to-head-key-un-human-rights-panel-10509716.html)

Reeks of corruption at the highest level.

~~~
akira2501
I assume it's something along the lines of: "Never refuse a US Military
request, be mad at Iran, and don't bother Israel."

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ttul
I am not surprised by this news. No doubt the transparency that a listing
would require was simply too much for the Kingdom.

~~~
JamesBarney
I think of the biggest issues was they expected to get a far higher market cap
then they got.

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captain_perl
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.

~~~
valuearb
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.

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jonbaer
They are denying it ... [https://www.cnbc.com/2018/08/23/saudi-aramco-ipo-
riyadh-deni...](https://www.cnbc.com/2018/08/23/saudi-aramco-ipo-riyadh-
denies-its-scrapping-plans-for-listing.html)

~~~
pseingatl
"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.

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whatok
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.

