- Title: Saudi Arabia favors New York for Aramco listing - sources
- Date: 11th August 2017
- Summary: NEW YORK, NEW YORK, UNITED STATES (AUGUST 11, 2017) (REUTERS) (SOUNDBITE) (English) MIZUHO AMERICAS, DIRECTOR OF FUTURES DIVISION, BOB YAWGER, SAYING: "Well, the Saudi Aramco listing in New York would be, scrutiny would be supersized. They would, the details would have to be very tight. The review would have to be very tight. It's not really the Saudi way. I'll point out, this week that, the OPEC monthly report came out this week, and the Saudis did not even submit their information. Every other member of OPEC's submitted their production numbers. The Saudis of all people, the largest producer of OPEC, the people that are going to be putting this IPO forward, did not submit their production numbers. That's not gonna fly if the IPO is listed in New York. So, they'll have to tighten up their standards. It behooves them and it would be a good thing to do so. It would be full disclosure. It's not a situation they're probably used to, or comfortable with, at this point. But it would be very good for them to come around to that type of reporting, and that will be the norm if they report on New York."
- Embargoed: 25th August 2017 18:00
- Keywords: initial public offering listing Mizuho Americas IPO capital Aramco New York Bob Yawger oil Saudi Arabia
- Location: NEW YORK, NEW YORK, UNITED STATES, SHAYBAH OIL FIELDS, SAUDI ARABIA, NUR KHAN AIR BASE, AND RAWALPINDI, PAKISTAN
- City: NEW YORK, NEW YORK, UNITED STATES, SHAYBAH OIL FIELDS, SAUDI ARABIA, NUR KHAN AIR BASE, AND RAWALPINDI, PAKISTAN
- Country: USA
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0036TPQYZ1
- Aspect Ratio: 16:9
- Story Text:Saudi Arabia favors New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters.
A final decision on where to stage what could be the world's largest initial public offering will be taken by Crown Prince Mohammad bin Salman - or MbS as he is known - who oversees the kingdom's economic and energy policies, the sources said.
Saudis want to float about five percent of the Aramco. Prince Mohammed has said the IPO will value the company at a minimum of $2 trillion, although some analysts' estimates are between $1 trillion and $1.5 trillion. - Copyright Holder: REUTERS
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