Saudi Arabia has called off the domestic and international initial public offerings of state oil company Aramco, according to a Reuters report that cited four unnamed senior industry sources.
Teams of financial advisers working on the proposed IPO have been disbanded,
The Wall Street Journal reported last month that the amid fears of the heightened public scrutiny that being public would bring to the oil company.
The IPO, which was expected to raise $100 billion and create the largest publicly traded company ever, was first proposed in 2016. It was also meant to be a key component of Saudi Arabia’s plan to diversify away from oil.
Saudi Arabia’s ongoing attempts at diversification have landed the kingdom in international news headlines recently, including reportedly playing a role in Tesla Inc.’s going-private saga.
Tesla Chief Executive Elon Musk has said him several times in recent months about taking the car maker private, citing their interest in being less reliant on oil. The fund has bought a stake of almost 5% in Tesla.
Earlier this week, another Reuters report said the fund is mulling an investment
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