Friday, 14 December, 2018

Trump to host Saudi Crown Prince

Trump to host Saudi Crown Prince Trump to host Saudi Crown Prince
Stacy Diaz | 13 March, 2018, 13:21

Last summer the Financial Conduct Authority attempted to boost the LSE's efforts to attract the $2trn oil giant's upcoming initial public offering by adapting its premium listing category to exempt state-owned companies such as Aramco from strenuous rules on related party transactions and controlling shareholders.

The IPO, potentially the largest stock sale ever, had been scheduled for the second half of 2018, amid efforts to select an worldwide venue for its listing. Saudi officials are reported to have told their British counterparts last week that a delay to 2019 was likely.

HRH Prime Minister also extended sympathies to HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defence of Saudi Arabia. London's prospects for getting the Aramco listing were still solid, FT said.

"The only thing we know today is that Tadawul will be the key listing location as our national exchange", Falih told CNN.

Aramco itself has worked to prepare itself for a listing, though all the major decisions - including when and where the company will be listed - will ultimately be made by its current shareholder, the Saudi government. Saudi Arabia had laid out plans for Aramco's dual listing on the Saudi stock market and an global exchange, with markets in New York, London and Hong Kong vying for the offering.

Saudi Arabia is understood to be planning to list up to 5 per cent of Saudi Aramco on a stock exchange, a transaction that could value the company at as much as $2 trillion, easily making it the world's largest listed company.

"Saudi Aramco is too big and too important for the kingdom to be subjected to that kind of risk".

Business Secretary Greg Clark and Saudi Arabia's Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, agreed to work closely on reducing harmful carbon emissions while ensuring economic growth.

The IPO forms the cornerstone of the petro-state's reform programme to wean the economy off its reliance on oil revenues.

"This collaboration will help both the United Kingdom and Saudi Arabia make the most of this shift".