Saudi Aramco will not market IPO in the United States: sources

FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo/File Photo

DUBAI (Reuters) – Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.

Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the U.S. Securities Act, which allows a non-U.S. issuer to tap the U.S. market.

The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States.

Aramco did not immediately respond to a comment request.

Reporting by Hadeel Al Sayegh, writing by Davide Barbuscia; Editing by Himani Sarkar

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