Saudi Arabia is developing back-up plans in case the initial public offering (IPO) of Saudi Aramco is pushed back until 2019, industry sources told Bloomberg.
Last week the government assured investors that its reform agenda, including the 5% IPO of Saudi Aramco was proceeding as planned, Reuters reports.
“The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO-related requirements are completed on time and to the very highest standards,” a statement by the Ministry of Culture and Information said, as reported by Bloomberg.
The IPO is officially projected to occur in the second half of 2018, according to Bloomberg.
The timeline to meet that IPO date, however, is difficult, Bloomberg’s sources said, especially as several key decisions, such as the primary location of the IPO, are yet to be finalized.
A partial re-draft of Saudi Arabia’s overarching economic plan, Vision 2030, has stoked concern that the kingdom is lagging behind schedule in its reform efforts, according to Reuters.