Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation o...
LONDON/RIYADH/DUBAI - Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said.
With Aramco talking again to banks about an initial public offering , its board is meeting later this week and will probably hold a discussion about the company’s value, a source close to the company said. Prince Mohammed put a $2 trillion valuation on the state company in early 2016 when he first proposed a share sale to diversify Saudi Arabia’s economy beyond oil.
“They have the right tools to manoeuvre and aren’t in a weak position to IPO Aramco unless with a valuation that achieves the objectives of the vision and the national interest.”
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