Saudi newspaper says report on huge Aramco stake sale was wrong

December 26, 2016 1:52 pm

A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed

Major Saudi Arabian newspaper Al Eqtisadiah retracted a report on Sunday that said state oil giant Saudi Aramco planned to sell 49 per cent of its shares over the next 10 years.

The report published on Saturday was “completely wrong and far from reality” and not based on a verified source, the newspaper said, apologising for the mistake.

The company aims to sell some of its shares in 2018 in what could be the world’s biggest initial public offering.

Aramco’s chief executive Amin Nasser said in October a flotation of up to 5 per cent was being considered, although the exact size would be determined by the Saudi Supreme Council.

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