Saudi Aramco starts on global listing move

Pedro Gonçalves
Saudi Aramco starts on global listing move

Saudi Aramco is starting early preparations for an international listing, with the oil giant reviving talks with institutions to work out a roadmap.

The world's largest publicly traded company is in discussions with Wall Street banks to draw up scenarios for a second listing overseas, according to Bloomberg. This is just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks.

Aramco wants to be ready to move ahead if Saudi Arabia's crown prince Mohammed bin Salman gives the go-ahead to proceed with the plans, sources told the newswire. One of the Asia stock exchanges could be the possible destination for these shares.

The company hasn't set a timetable for the potential deal. An overseas listing is currently seen as unlikely to take place this year given market conditions and a weak outlook for commodity prices.

Shares of Aramco are down about 5% this year after the company's valuation briefly touched the $2trn mark in December. Oil, which drives its revenue, has had one of the worst annual starts in years and may come under further pressure as the virus spreads.


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