Quick Take: Saudi Aramco ‘Will for Sure’ List in Hong Kong, Bourse Chief Says
Saudi Aramco “will for sure” float its shares on the Hong Kong stock exchange, whether or not Saudi Arabia's national oil firm launches its mega initial public offering there, Hong Kong Exchanges & Clearing Ltd. CEO Charles Li said Monday.
The planned IPO of the world’s biggest oil producer is highly coveted among stock exchanges globally. Bloomberg reported in March that the new listing could raise as much as $100 billion. Recently, other media outlets reported that the company prefers a New York listing, although London and Hong Kong remain in consideration.
Amin Nasser, CEO of the state oil company, told Saudi Arabia’s Al Arabiya television channel that preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, Reuters reported Monday.
“For sure, it will be listed in the Saudi market. As for other markets, a complete study was made,” he said naming New York, London, Tokyo and Hong Kong as possible options, according to the Reuters report.
Hong Kong’s Li told reporters that, even if Saudi Aramco decides to offer its new shares in another bourse, the company will still be drawn to a listing in Hong Kong for the city’s mutual access with mainland markets, which will direct more Chinese capital toward the oil producer.
According to Saudi Aramco’s information, it has proven crude oil reserves of 260.8 billion barrels, almost 10 times more than ExxonMobil.
Contact reporter Aries Poon (firstname.lastname@example.org)
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