Abu Dhabi – Mubasher: Mubadala Investment Company has said that it will suspend the initial public offering (IPO) of its wholly-owned subsidiary Cepsa.

The decision of Abu Dhabi’s state fund came after recent uncertainty in the global stock markets, that in return would take its toll on the evaluation of its Spain-based subsidiary.

“Cepsa has been and continues to be a significant and valuable part of the Mubadala portfolio and a national industrial champion for Spain. Even though recent market conditions deteriorated significantly, the feedback from potential investors reinforced our view of Cepsa’s value,” the chief executive of Mubadala’s Petroleum and Petrochemicals platform Musabbeh Al Kaabi said.

Cepsa is a Spanish oil firm which is valued at $12 billion.