More shares in flagship oil and gas company, Saudi Aramco (Aramco),
may be released for sale to the public if conditions are right, said the
Governor of Saudi Arabia’s sovereign wealth fund, the Public Investment
Fund (PIF) last week.
This idea was later confirmed by Saudi Arabia’s
de facto ruler, Crown Prince Mohammed bin Salman (MbS). Given how badly
the first initial public offering (IPO) was received by international
investors in the run-up to its eventual listing on 11 December 2019 and
the draconian lengths that Saudi Arabia’s various authorities had to go
to sell even the 1.5 per cent stake (cut down from the initially mooted
minimum 5 per cent stake) finally offered, it might reasonably be
conjectured that the conditions will not be right for a very long time.
If the views of new U.S. President, Joe Biden, were factored into the
conditions equation then the offering would probably never occur. Taking
into account the tenuous grasp on reality that apparently exists at the
centre of the Saudi Arabian regime, though, such an offering may well
take place this year.
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