Monday, 17 December, 2018

United Kingdom officials told that Aramco IPO unlikely until 2019

Caricature of Mohammad Bin Salman and Netanyahu- Cartoon Wikipedia
Ellis Copeland | 13 March, 2018, 13:33

NY and London have been front-runners to host the company's worldwide flotation, alongside a Riyadh listing.

The FT report said London had a "good chance" of securing the listing, citing insiders briefed on the negotiations. It is slated to become the world's first company valued at $1 trillion.

Aramco plans to offer shares on the Saudi stock exchange, called Tadawul.

Meanwhile, Saudi Crown Prince Mohammad bin Salman, who is identified as the architect of the crackdown, is planning to come to the United States this month seeking American investments.

"In addition to listing on Tadawul - the home exchange - a range of worldwide options are being held under active review", an Aramco spokesman told AFP.

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A public offering overseas was meant, in part, to send a signal that the country was changing. Hong Kong and NY are also vying for the position.

MSCI said in its report it would consider upgrading Saudi Arabia to emerging market status, a move that would attract tens of billions of dollars of fresh foreign money as the country seeks to diversify its economy beyond oil.

"Between December 31st and January 1st, there is no value lost for the kingdom", Mr al-Falih, a former Aramco chief executive, said. "So I don't see this artificial deadline that you refer to as being significant". But in the shorter-term, Saudi Arabia and other oil-producing countries have been hit by the fall in the price of crude oil, partially a result of wider and cheaper availability of alternative fuels.

Various analyses of the crackdown viewed it as a necessary step for Saudi Arabia to streamline its famously inefficient government, a desperate clawback of resources appropriated by self-indulgent members of the huge royal family, a vital step in persuading global investors to put money into a dramatically reformed economy, a bid by the crown prince to weaken his rivals before he assumes the throne, or all of the above. "We are ready to sacrifice our lives for the protection of Harmain Sharefain" the Speaker assured.

London will compete with NY for the $2trn foreign flotation, along with a Riyadh listing.

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