Saudi Arabia to sell 5% of Saudi Aramco

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Saudi Arabia aims to sell about 5 percent of Saudi Aramco in an initial public offering next year, and stock exchanges from the U.K. to Japan are vying for what may be the world’s richest Initial Public Offering (IPO).

Saudi Arabian Oil Co., as the company is formally known is looking at six main contenders for the prize: London, New York, Hong Kong, Tokyo, Singapore or Toronto. The Saudis and their advisers want to pick a foreign exchange or exchanges with similar listing and regulatory requirements to the Riyadh exchange, to avoid large deviations in pricing between the markets, according to other people familiar with the situation.

The Saudi crown prince, Mohammed bin Salman, will soon decide where to sell the company’s shares after government officials heard a presentation on the listing process last week, according to people with knowledge of the matter. The kingdom plans to list on the Saudi stock exchange in Riyadh and sell shares on at least one stock exchange outside the country. That choice pits the top global financial centers, London and New York, against each other for a sale that could value the largest oil exporter at as much as $2 trillion.

Source Credit: Arkansas Online
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