Saudi Arabia’s sovereign fund is set to borrow up to $12 billion from international banks after IPO plans for state energy group Saudi Aramco were put on hold, the Financial Times reported, citing sources.
Reuters on Wednesday reported that Saudi Arabia had called off its plans for listing the oil giant as the country shifts its attention to a proposed stake in local petrochemicals maker Saudi Basic Industries Corp.
Almost 16 banks are expected to participate in the lending process, with the lead banks to be selected later Thursday, the report said.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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