Petronas- The Malaysia State-Owned Major to Stay Away from Aramco’s IPO

  • Nov 24, 2019 AEDT
  • Team Kalkine

Petronas- a Malaysian state energy company mentions that it will take part in Saudi Aramco's initial public offering despite being approached by the Saudi oil giant.

  • The Saudi oil giant is offering a 1.5 per cent stake in the company in the price range of Riyals 30-32.
  • Both the oil majors hold a joint venture in a $27 billion refinery and petrochemicals complex in Southern Malaysia, which is all set to start operations in 2019.
  • So far, the IPO has attracted USD 19.47 billion in institutional and retail orders.

 

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