Spain's Cepsa Postpones IPO, Blames Market Conditions

Spanish oil company Cepsa on Monday said it had postponed a market listing planned for Thursday, blaming global market conditions.

Madrid, (UrduPoint / Pakistan Point News - 16th Oct, 2018 ) :Spanish oil company Cepsa on Monday said it had postponed a market listing planned for Thursday, blaming global market conditions.

The firm said in a statement that Abu Dhabi-based Owner Mubadala had "decided to desist" on a planned market listing, citing "the current state of international capital markets." State inverstor Mubadala, which has since 2011 held a 100 percent stake in Cepsa, had announced a month ago it intended to sell off a 25 percent share to raise around $2.

3 billion.

The planned operation wuold have valued the group, which employs some 10,000 people, at 8.08 billion Euros ($9.35 billion) if investors had snapped up shares for the maximum 15.10 euros.

Madrid-based Cepsa delivered first half profits up 7 percent at 441 million euros on sales of of 12.4 billion euros.

Its activities are concentrated on refining and distribution in Spain but it is also present in oil and gas exploration and production both in Latin America and North Africa.