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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