Aramco said to have asked FTI to suspend advisory work on IPO

State-run Saudi Aramco has asked US-based FTI Consulting to suspend its investor relations advisory work for the planned initial public offering (IPO), Reuters reported Tuesday, citing unnamed sources with knowledge of the matter.

Last May, Brunswick has been also hired to work alongside FTI and run the external and media communications for the share sale.

The reason for halting FTI’s advisory work was not clear. The decision, however, could broaden Brunswick’s role beyond media relations, the sources added.

The giant oil producer appointed FTI in March. The adviser reporting to Aramco’s head of investor relations, Fergus MacLeod, a former group head of strategic planning at BP.

Earlier this week, Saudi Aramco said that its plans for what is likely to be the world's biggest stock market listing remain on track, with the timing for a dual listing on the Saudi and an international stock market scheduled for 2018, Argaam reported.