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Saudi Aramco, the Saudi state-owned oil company, has returned to discussing placement of additional shares on the stock exchange, writes The Wall Street Journal with reference to sources familiar with the company's strategy. According to them, it expects to place securities worth $50 billion, which at the current valuation represents a 2.5% stake in the company.
The company's management negotiated internally and discussed with outside consultants the possibility of listing additional shares on the Riyadh Stock Exchange and a secondary listing, possibly in London, Singapore or other exchanges, the WSJ wrote. According to one of the newspaper's interlocutors, the listing could take place at the end of this year or early next year.
This listing, if it takes place, would be the largest in history. However, such plans, the WSJ notes, may be difficult to implement. The newspaper's sources explained that these are only plans that may change. Over the years, Riyadh has considered various strategies to raise funds through Aramco, some of them failed or were rejected, WSJ recalls.
Saudi Arabia has long planned to sell part of the oil giant, seeking to monetize the country's vast oil assets and use the proceeds to invest in other industries, the WSJ points out. A spokesman for Saudi Aramco declined to comment.
source: wsj.com
The company's management negotiated internally and discussed with outside consultants the possibility of listing additional shares on the Riyadh Stock Exchange and a secondary listing, possibly in London, Singapore or other exchanges, the WSJ wrote. According to one of the newspaper's interlocutors, the listing could take place at the end of this year or early next year.
This listing, if it takes place, would be the largest in history. However, such plans, the WSJ notes, may be difficult to implement. The newspaper's sources explained that these are only plans that may change. Over the years, Riyadh has considered various strategies to raise funds through Aramco, some of them failed or were rejected, WSJ recalls.
Saudi Arabia has long planned to sell part of the oil giant, seeking to monetize the country's vast oil assets and use the proceeds to invest in other industries, the WSJ points out. A spokesman for Saudi Aramco declined to comment.
source: wsj.com
