Saudi Aramco in talks with Singapore Exchange over stock listing

Saudi Aramco in talks with Singapore Exchange over stock listing

Saudi Aramco is in talks with Singapore Exchange (SGX) regarding a secondary public listing which could be the world’s largest ever stock market listing.

The Saudi oil and gas giant has also attracted markets in London, New York, Hong Kong and Tokyo since it suggested it would list on more than one exchange, but is in preliminary talks with Singapore.

“This transaction is very open and in the public space. The key thing is there is quite a bit of time for due diligence and SGX is keen to play up its international appeal in this sector,” said one source close to the deal.

Singapore’s involvement in what will be the world’s biggest ever IPO reflects its growing status as a global oil hub, in the centre of the rapidly developing South East Asia market.

Aramco, one of the world’s most valuable companies with an estimated wealth of at least US$1.25 trillion, is set to list up to 5% of the firm in 2018.

Banking giants Morgan Stanley and HSBC have been hired by Aramco to advise on the flotation talks.

@RGNonline