August 23, 2018 / 1:52 PM / a month ago

Saudi Arabia to apply for $12 billion loan after Aramco IPO stalls: FT

(Reuters) - Saudi Arabia’s sovereign fund is set to borrow up to $12 billion from international banks after IPO plans for state energy group Saudi Aramco were put on hold, the Financial Times reported, citing sources.

FILE PHOTO: A view of the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, January 20, 2009. REUTERS/Fahad Shadeed/File Photo

Reuters on Wednesday reported that Saudi Arabia had called off its plans for listing the oil giant as the country shifts its attention to a proposed stake in local petrochemicals maker Saudi Basic Industries Corp.

Almost 16 banks are expected to participate in the lending process, with the lead banks to be selected later Thursday, the report said.

Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur

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