KUALA LUMPUR: Petronas said today it will not participate in Saudi Aramco’s initial public offering, expected to be the world’s biggest share sale.
Aramco plans to sell 1.5% of the company at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals and giving the company a potential market value of between US$1.6 trillion to US$1.7 trillion.
Earlier this month, Petronas had said it was approached by Aramco to participate in the Saudi oil giant’s listing.
“Petronas would like to confirm that after due consideration, the company decided not to participate in Aramco’s initial public offering exercise,” it said in an emailed statement.
Petronas and Aramco have a joint venture in a US$27 billion refinery and petrochemicals complex in southern Malaysia that is set to start commercial operations this year.
*1 riyal = RM1.11, US$1 = RM4.17