Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) is reportedly seeking a $12 billion loan from global banks, according to news agency Reuters.
This reports followed others regarding the collapse of Saudi Aramco’s initial public offering (IPO).
A group of 16 banks may participate in the reported loan, the lead of which is set to be selected on Thursday, the international news agency reported, citing informed sources as saying.
On Wednesday, unofficial sources told Reuters that Saudi Arabia had called off its mega IPO for Saudi Aramco, which was considered by many as the largest IPO in history and which valued the whole company at $2 trillion.
However, Saudi Arabia denied these reports and its energy minister Khalid Al-Falih said Thursday that “the [Saudi] government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum.”